Adobe Systems Inc. (ADBE) Issues Q4 Earnings Guidance
Adobe Systems Inc. (NASDAQ:ADBE) updated its fourth quarter earnings guidance on Tuesday. The company provided earnings per share guidance of $0.83-0.89 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.78. The company issued revenue guidance of $1.55-1.60 billion, compared to the consensus revenue estimate of $1.58 billion.Adobe Systems also updated its FY16 guidance to $2.94-3.00 EPS.
Several analysts have weighed in on the stock. Cowen and Company reissued an outperform rating and issued a $115.00 price target on shares of Adobe Systems in a research note on Friday. Bank of America Corp. reissued a buy rating and issued a $109.00 price target on shares of Adobe Systems in a research note on Thursday, September 15th. Vetr raised shares of Adobe Systems from a sell rating to a hold rating and set a $99.10 price target for the company in a research note on Thursday, September 8th. Robert W. Baird upgraded shares of Adobe Systems from a neutral rating to an outperform rating and set a $85.00 price objective on the stock in a research report on Thursday, August 25th. Finally, Zacks Investment Research cut shares of Adobe Systems from a strong-buy rating to a hold rating in a research report on Friday, August 19th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Adobe Systems presently has a consensus rating of Buy and a consensus target price of $105.64.
Shares of Adobe Systems Inc. (NASDAQ:ADBE) traded up 0.94% on Tuesday, hitting $100.62. 3,924,868 shares of the stock traded hands. Adobe Systems Inc. has a 52-week low of $71.27 and a 52-week high of $104.16. The stock has a market cap of $50.14 billion, a P/E ratio of 56.85 and a beta of 1.24. The stock’s 50 day moving average price is $100.36 and its 200 day moving average price is $96.40.
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Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The firm earned $1.46 billion during the quarter, compared to analyst estimates of $1.45 billion. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The business’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $0.54 EPS. On average, equities analysts expect that Adobe Systems Inc. will post $2.87 EPS for the current fiscal year.
In related news, CFO Mark Garrett sold 26,899 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Ann Lewnes sold 4,000 shares of the firm’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the completion of the transaction, the chief marketing officer now directly owns 46,828 shares in the company, valued at approximately $4,326,438.92. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. WFG Advisors LP increased its position in 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 period. Cibc World Markets Corp increased its position in Adobe Systems by 12.8% in the second quarter. Cibc World Markets Corp now owns 33,700 shares of the software company’s stock worth $3,228,000 after buying an additional 3,820 shares during the period. Martingale Asset Management L P increased its position in Adobe Systems by 391.1% in the second quarter. Martingale Asset Management L P now owns 62,915 shares of the software company’s stock worth $6,027,000 after buying an additional 50,103 shares during the period. State of Wisconsin Investment Board increased its position in Adobe Systems by 31.4% in the second quarter. State of Wisconsin Investment Board now owns 665,162 shares of the software company’s stock worth $63,716,000 after buying an additional 158,900 shares during the period. Finally, BlueMountain Capital Management LLC increased its position in Adobe Systems by 149.3% in the second quarter. BlueMountain Capital Management LLC now owns 7,744 shares of the software company’s stock worth $742,000 after buying an additional 4,638 shares during the period. 87.88% of the stock is currently owned by institutional investors and hedge funds.
About Adobe Systems
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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