Adobe Systems Inc. (ADBE) Issues FY16 Earnings Guidance
Adobe Systems Inc. (NASDAQ:ADBE) issued an update on its FY16 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.94-3.00 for the period, compared to the Thomson Reuters consensus EPS estimate of $2.87. The company issued revenue guidance of $5.80-5.85 billion, compared to the consensus revenue estimate of $5.81 billion.Adobe Systems also updated its Q4 guidance to $0.83-0.89 EPS.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.94% on Tuesday, reaching $100.62. The company’s stock had a trading volume of 3,924,868 shares. The stock has a market cap of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24. Adobe Systems Inc. has a 1-year low of $71.27 and a 1-year high of $104.16. The company’s 50 day moving average is $100.36 and its 200-day moving average is $96.40.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the prior year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities analysts predict that Adobe Systems Inc. will post $2.87 earnings per share for the current fiscal year.
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ADBE has been the topic of several research reports. Zacks Investment Research downgraded Adobe Systems from a buy rating to a hold rating in a research report on Tuesday, May 24th. Vetr cut Adobe Systems from a strong-buy rating to a buy rating and set a $109.00 price target for the company. in a research note on Tuesday, May 24th. Credit Suisse Group AG boosted their price target on Adobe Systems from $65.00 to $70.00 and gave the company a neutral rating in a research note on Wednesday, June 1st. Barclays PLC boosted their price target on Adobe Systems to $75.00 in a research note on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reiterated a neutral rating and issued a $100.00 price target on shares of Adobe Systems in a research note on Thursday, June 9th. Eight research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus target price of $105.64.
In other Adobe Systems news, EVP Ann Lewnes sold 4,000 shares of the stock in a transaction dated Friday, July 29th. The stock was sold at an average price of $98.40, for a total transaction of $393,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $95.46, for a total value of $3,585,668.52. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. WFG Advisors LP increased its stake in shares of Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock worth $110,000 after buying an additional 246 shares during the last quarter. National Asset Management Inc. acquired a new stake in shares of Adobe Systems during the second quarter worth $203,000. Cantab Capital Partners LLP increased its stake in shares of Adobe Systems by 30.9% in the second quarter. Cantab Capital Partners LLP now owns 2,271 shares of the software company’s stock worth $218,000 after buying an additional 536 shares during the last quarter. First Allied Advisory Services Inc. increased its stake in shares of Adobe Systems by 2.9% in the second quarter. First Allied Advisory Services Inc. now owns 3,787 shares of the software company’s stock worth $366,000 after buying an additional 105 shares during the last quarter. Finally, HBK Sorce Advisory LLC increased its stake in shares of Adobe Systems by 6.0% in the second quarter. HBK Sorce Advisory LLC now owns 4,763 shares of the software company’s stock worth $456,000 after buying an additional 271 shares during the last quarter. Hedge funds and other institutional investors own 87.88% of the company’s stock.
Adobe Systems Company Profile
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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