Zacks: Analysts Expect Adobe Systems Incorporated (ADBE) Will Post Quarterly Sales of $1.81 Billion
Wall Street analysts expect that Adobe Systems Incorporated (NASDAQ:ADBE) will announce sales of $1.81 billion for the current fiscal quarter, according to Zacks Investment Research. Eight analysts have made estimates for Adobe Systems’ earnings, with the lowest sales estimate coming in at $1.79 billion and the highest estimate coming in at $1.82 billion. Adobe Systems reported sales of $1.46 billion in the same quarter last year, which would suggest a positive year over year growth rate of 24%. The company is expected to announce its next quarterly earnings results after the market closes on Tuesday, September 19th.
According to Zacks, analysts expect that Adobe Systems will report full-year sales of $1.81 billion for the current financial year, with estimates ranging from $7.14 billion to $7.23 billion. For the next year, analysts anticipate that the business will report sales of $8.61 billion per share, with estimates ranging from $8.47 billion to $8.72 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of analysts that cover Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.71 EPS.
A number of research firms have weighed in on ADBE. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price target on the stock in a research note on Tuesday, July 18th. Royal Bank Of Canada restated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 24th. KeyCorp reaffirmed a “buy” rating on shares of Adobe Systems in a report on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reaffirmed a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the stock. Adobe Systems presently has a consensus rating of “Buy” and a consensus target price of $153.20.
In other Adobe Systems news, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total value of $311,034.57. Following the transaction, the executive vice president now owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction that occurred on Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Capital Advisors Ltd. LLC acquired a new stake in shares of Adobe Systems during the second quarter worth approximately $100,000. CWM LLC raised its stake in Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after buying an additional 79 shares during the period. Clean Yield Group purchased a new stake in Adobe Systems during the first quarter valued at about $100,000. Washington Trust Bank raised its stake in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the period. Finally, Signature Estate & Investment Advisors LLC purchased a new stake in Adobe Systems during the first quarter valued at about $113,000. 88.05% of the stock is currently owned by hedge funds and other institutional investors.
Adobe Systems (NASDAQ:ADBE) traded down 1.27% during mid-day trading on Thursday, reaching $146.46. The company’s stock had a trading volume of 438,953 shares. The firm has a market cap of $72.26 billion, a PE ratio of 51.01 and a beta of 1.00. The stock’s 50 day moving average is $145.64 and its 200 day moving average is $132.74. Adobe Systems has a one year low of $97.87 and a one year high of $150.40.
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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