Adobe Systems (ADBE) Releases Quarterly Earnings Results, Beats Expectations By $0.07 EPS
Adobe Systems (NASDAQ:ADBE) announced its earnings results on Tuesday. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07, Stock Ratings Network reports. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company posted $0.36 earnings per share. Adobe Systems’s revenue was up 5.7% compared to the same quarter last year. Adobe Systems updated its Q3 guidance to $0.22-0.28 EPS.
A number of analysts have recently weighed in on ADBE shares. Analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note on Tuesday, June 10th. They now have a $70.00 price target on the stock. On a related note, analysts at Argus raised their price target on shares of Adobe Systems from $71.00 to $81.00 in a research note on Friday, March 21st. They now have a “buy” rating on the stock. Finally, analysts at Pacific Crest reiterated an “outperform” rating on shares of Adobe Systems in a research note on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $68.11.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.12% during mid-day trading on Tuesday, hitting $67.54. 6,376,266 shares of the company’s stock traded hands. Adobe Systems has a one year low of $42.97 and a one year high of $71.11. The stock has a 50-day moving average of $63.17 and a 200-day moving average of $62.66. The company has a market cap of $33.617 billion and a price-to-earnings ratio of 130.04. Adobe Systems also saw unusually large options trading activity on Monday. Traders acquired 10,941 call options on the company. This represents an increase of approximately 497% compared to the average volume of 1,834 call options.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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