Wall Street brokerages forecast that Adobe Inc (NASDAQ:ADBE) will announce sales of $2.70 billion for the current quarter, Zacks reports. Ten analysts have issued estimates for Adobe’s earnings. Adobe posted sales of $2.20 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 22.7%. The firm is expected to report its next earnings report on Thursday, June 13th.
According to Zacks, analysts expect that Adobe will report full year sales of $11.15 billion for the current financial year, with estimates ranging from $11.12 billion to $11.15 billion. For the next fiscal year, analysts expect that the company will post sales of $13.09 billion, with estimates ranging from $12.72 billion to $13.26 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Adobe.
Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $1.37 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the previous year, the company earned $1.55 EPS. The company’s revenue was up 24.1% on a year-over-year basis.
A number of research firms have issued reports on ADBE. BidaskClub cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday. Zacks Investment Research cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $282.00 to $340.00 in a report on Monday, April 29th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $280.00 price target on shares of Adobe in a report on Friday, March 29th. Finally, Barclays reaffirmed a “buy” rating and issued a $304.00 price target on shares of Adobe in a report on Monday, March 18th. Nine research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $290.46.
In other news, EVP Donna Morris sold 15,000 shares of the stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $4,125,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Dana Rao sold 5,955 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $255.08, for a total transaction of $1,519,001.40. Following the sale, the executive vice president now owns 17,087 shares in the company, valued at approximately $4,358,551.96. The disclosure for this sale can be found here. Insiders sold 56,936 shares of company stock worth $15,516,808 in the last quarter. Company insiders own 0.32% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ADBE. Buffington Mohr McNeal acquired a new stake in Adobe during the first quarter valued at $26,000. Liberty Wealth Management LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $30,000. Barnett & Company Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $32,000. Nalls Sherbakoff Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $34,000. Finally, Canton Hathaway LLC acquired a new stake in shares of Adobe in the first quarter valued at about $35,000. Institutional investors own 85.89% of the company’s stock.
NASDAQ:ADBE traded down $0.96 during midday trading on Tuesday, reaching $275.34. 69,604 shares of the stock traded hands, compared to its average volume of 2,321,698. Adobe has a 12-month low of $204.95 and a 12-month high of $291.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $134.72 billion, a price-to-earnings ratio of 49.58, a PEG ratio of 2.70 and a beta of 1.12.
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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