Zacks: Brokerages Anticipate Adobe Inc (ADBE) to Post $1.78 Earnings Per Share

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Analysts forecast that Adobe Inc (NASDAQ:ADBE) will announce earnings per share (EPS) of $1.78 for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have issued estimates for Adobe’s earnings, with estimates ranging from $1.76 to $1.87. Adobe reported earnings of $1.66 per share in the same quarter last year, which indicates a positive year over year growth rate of 7.2%. The business is expected to issue its next quarterly earnings report on Thursday, June 13th.

According to Zacks, analysts expect that Adobe will report full year earnings of $7.81 per share for the current fiscal year, with EPS estimates ranging from $7.77 to $8.00. For the next financial year, analysts anticipate that the firm will post earnings of $9.62 per share, with EPS estimates ranging from $9.37 to $10.06. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research analysts that follow Adobe.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same quarter in the prior year, the firm posted $1.55 earnings per share. Adobe’s revenue for the quarter was up 24.1% compared to the same quarter last year.

Several brokerages recently issued reports on ADBE. Robert W. Baird boosted their price objective on Adobe from $290.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, March 15th. Zacks Investment Research cut Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Morgan Stanley upgraded Adobe from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $282.00 to $340.00 in a research note on Monday, April 29th. Cowen cut Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 target price on the stock. in a research note on Friday, February 15th. Finally, BidaskClub upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Nine research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Adobe has a consensus rating of “Buy” and an average target price of $289.63.

Shares of ADBE traded up $0.55 on Friday, hitting $274.80. The company’s stock had a trading volume of 34,460 shares, compared to its average volume of 2,797,884. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.97 and a current ratio of 0.97. Adobe has a fifty-two week low of $204.95 and a fifty-two week high of $291.70. The firm has a market capitalization of $134.63 billion, a PE ratio of 49.40, a P/E/G ratio of 2.72 and a beta of 1.11.

In other news, Director John E. Warnock sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $260.47, for a total value of $520,940.00. Following the transaction, the director now owns 16,088 shares in the company, valued at $4,190,441.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $260.54, for a total value of $781,620.00. Following the completion of the transaction, the chief marketing officer now owns 69,368 shares in the company, valued at approximately $18,073,138.72. The disclosure for this sale can be found here. Insiders have sold 56,936 shares of company stock valued at $15,516,808 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Several hedge funds have recently bought and sold shares of ADBE. Oregon Public Employees Retirement Fund lifted its holdings in shares of Adobe by 24,198.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock valued at $171,000 after purchasing an additional 38,501,463 shares in the last quarter. Lunia Capital LP raised its stake in shares of Adobe by 23,384.5% in the fourth quarter. Lunia Capital LP now owns 8,928,109 shares of the software company’s stock valued at $8,928,000 after buying an additional 8,890,092 shares during the period. Norges Bank bought a new stake in shares of Adobe in the fourth quarter valued at $981,259,000. Fisher Asset Management LLC raised its stake in shares of Adobe by 298.2% in the fourth quarter. Fisher Asset Management LLC now owns 1,627,565 shares of the software company’s stock valued at $368,220,000 after buying an additional 1,218,872 shares during the period. Finally, PointState Capital LP raised its stake in shares of Adobe by 161.5% in the first quarter. PointState Capital LP now owns 1,388,909 shares of the software company’s stock valued at $370,130,000 after buying an additional 857,743 shares during the period. Institutional investors own 85.58% of the company’s stock.

Adobe Company Profile

Adobe Inc 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 customer to download and access the latest versions of its creative products.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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