Analysts expect Adobe Systems Incorporated (NASDAQ:ADBE) to post $2.25 billion in sales for the current fiscal quarter, Zacks reports. Nine analysts have made estimates for Adobe Systems’ earnings, with estimates ranging from $2.24 billion to $2.25 billion. Adobe Systems reported sales of $1.84 billion in the same quarter last year, which would suggest a positive year over year growth rate of 22.3%. The business is scheduled to report its next earnings results on Tuesday, September 18th.
On average, analysts expect that Adobe Systems will report full year sales of $8.92 billion for the current financial year, with estimates ranging from $8.87 billion to $8.96 billion. For the next financial year, analysts expect that the firm will report sales of $10.57 billion per share, with estimates ranging from $10.36 billion to $10.75 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, June 14th. The software company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.12. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The company had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same quarter in the previous year, the company posted $1.02 earnings per share. Adobe Systems’s quarterly revenue was up 23.9% compared to the same quarter last year.
A number of research firms have commented on ADBE. Wells Fargo & Co lifted their target price on shares of Adobe Systems from $200.00 to $250.00 and gave the stock a “market perform” rating in a report on Friday, June 15th. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price objective on the stock in a research report on Tuesday, June 19th. BidaskClub cut shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Saturday. JPMorgan Chase & Co. boosted their price target on shares of Adobe Systems from $235.00 to $260.00 and gave the stock a “neutral” rating in a research report on Friday, June 15th. Finally, Barclays upped their target price on shares of Adobe Systems from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, June 12th. Ten equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $241.76.
In other news, EVP Ann Lewnes sold 2,939 shares of the stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the transaction, the executive vice president now owns 61,498 shares in the company, valued at approximately $15,608,192.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles M. Geschke sold 6,000 shares of the stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $255.19, for a total transaction of $1,531,140.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,324 shares of company stock worth $6,511,829 over the last three months. 0.33% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. Pioneer Trust Bank N A OR boosted its stake in Adobe Systems by 8.0% during the second quarter. Pioneer Trust Bank N A OR now owns 2,700 shares of the software company’s stock worth $658,000 after buying an additional 200 shares during the period. RB Capital Management LLC grew its stake in Adobe Systems by 4.7% in the second quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock valued at $1,077,000 after purchasing an additional 200 shares during the last quarter. Violich Capital Management Inc. grew its stake in Adobe Systems by 6.8% in the second quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock valued at $762,000 after purchasing an additional 200 shares during the last quarter. Wetherby Asset Management Inc. grew its stake in Adobe Systems by 1.6% in the second quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock valued at $3,254,000 after purchasing an additional 213 shares during the last quarter. Finally, Private Trust Co. NA grew its stake in Adobe Systems by 4.0% in the second quarter. Private Trust Co. NA now owns 5,847 shares of the software company’s stock valued at $1,425,000 after purchasing an additional 224 shares during the last quarter. 86.51% of the stock is owned by institutional investors and hedge funds.
Shares of Adobe Systems stock traded up $4.06 during midday trading on Wednesday, reaching $249.76. The company had a trading volume of 2,900,700 shares, compared to its average volume of 2,854,463. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. Adobe Systems has a 1-year low of $143.95 and a 1-year high of $263.83. The firm has a market cap of $124.23 billion, a P/E ratio of 68.82, a P/E/G ratio of 2.76 and a beta of 1.12.
Adobe Systems announced that its Board of Directors has approved a stock buyback plan on Monday, May 21st that permits the company to buyback $8.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 6.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Adobe Systems Company Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
Featured Story: Dividend Stocks – Are They Right For You?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.