Adobe Systems Incorporated (ADBE) Updates Q3 Earnings Guidance
Adobe Systems Incorporated (NASDAQ:ADBE) updated its third quarter earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.22-0.28 for the period, compared to the Thomson Reuters consensus estimate of $0.27, Analyst Ratings.Net reports. The company issued revenue guidance of $975m-1.025 billion, compared to the consensus revenue estimate of $1.02 billion.
Shares of Adobe Systems Incorporated (NASDAQ:ADBE) traded down 0.12% on Tuesday, hitting $67.54. 6,369,306 shares of the company’s stock traded hands. Adobe Systems Incorporated has a 52 week low of $42.97 and a 52 week 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 bought 10,941 call options on the stock. This is an increase of 497% compared to the average daily volume of 1,834 call options.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 17th. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07. 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. Analysts expect that Adobe Systems Incorporated will post $1.17 EPS for the current fiscal year.
A number of research firms have recently commented on ADBE. 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 analyst has rated the stock with a sell rating, five have given a hold rating and fifteen have issued a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $68.11.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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