Brokerages Anticipate Adobe Systems Incorporated (ADBE) Will Post Quarterly Sales of $1.81 Billion
Analysts expect Adobe Systems Incorporated (NASDAQ:ADBE) to post $1.81 billion in sales for the current quarter, according to Zacks Investment Research. Eleven analysts have provided estimates for Adobe Systems’ earnings. The highest sales estimate is $1.82 billion and the lowest is $1.79 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 year, with estimates ranging from $7.14 billion to $7.23 billion. For the next financial year, analysts anticipate that the business will post sales of $8.62 billion per share, with estimates ranging from $8.47 billion to $8.72 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last posted its 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 analyst estimates of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s quarterly revenue was up 26.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.71 EPS.
ADBE has been the subject of several recent research reports. Vetr downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 target price for the company. in a research report on Tuesday, June 20th. Canaccord Genuity reissued a “buy” rating and issued a $165.00 target price (up from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 price objective on shares of Adobe Systems in a report on Monday, July 31st. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Adobe Systems in a report on Tuesday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $154.08.
Adobe Systems (ADBE) traded down 0.30% during trading on Friday, hitting $154.49. 3,012,822 shares of the company traded hands. Adobe Systems has a one year low of $98.00 and a one year high of $157.89. The firm has a 50 day moving average of $151.06 and a 200 day moving average of $139.34. The firm has a market cap of $76.23 billion, a P/E ratio of 53.81 and a beta of 1.00.
In related news, EVP Donna Morris sold 5,000 shares of the stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $145.00, for a total transaction of $725,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 32,600 shares of the stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold a total of 101,959 shares of company stock valued at $14,870,874 in the last quarter. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in ADBE. BlackRock Inc. increased its position in shares of Adobe Systems by 1,894.1% during the 1st quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Adobe Systems by 784.4% during the 2nd quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after acquiring an additional 9,957,241 shares during the last quarter. FMR LLC grew its holdings in Adobe Systems by 4.9% during the 2nd quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after acquiring an additional 1,651,762 shares during the last quarter. UBS Asset Management Americas Inc. grew its holdings in Adobe Systems by 92.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after acquiring an additional 1,619,111 shares during the last quarter. Finally, Egerton Capital UK LLP bought a new stake in Adobe Systems during the 1st quarter worth about $209,666,000. Institutional investors and hedge funds own 87.53% of the company’s stock.
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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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