Zacks: Analysts Anticipate Adobe Systems Incorporated (ADBE) Will Announce Quarterly Sales of $1.95 Billion
Brokerages expect that Adobe Systems Incorporated (NASDAQ:ADBE) will post $1.95 billion in sales for the current quarter, according to Zacks. Nine analysts have provided estimates for Adobe Systems’ earnings, with the lowest sales estimate coming in at $1.93 billion and the highest estimate coming in at $1.96 billion. Adobe Systems posted sales of $1.61 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 21.1%. The firm is expected to issue its next earnings results on Thursday, December 21st.
On average, analysts expect that Adobe Systems will report full-year sales of $1.95 billion for the current year, with estimates ranging from $7.20 billion to $7.25 billion. For the next fiscal year, analysts anticipate that the company will post sales of $8.63 billion per share, with estimates ranging from $8.53 billion to $8.72 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter last year, the company earned $0.75 earnings per share. The firm’s revenue was up 25.8% on a year-over-year basis.
Several research firms have recently issued reports on ADBE. Robert W. Baird reaffirmed an “outperform” rating and issued a $160.00 price objective (up previously from $140.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective for the company in a report on Friday, June 23rd. Vetr downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price on the stock. in a research report on Thursday, August 31st. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Adobe Systems in a research report on Monday, June 26th. Finally, Moffett Nathanson initiated coverage on shares of Adobe Systems in a report on Wednesday, September 6th. They set a “buy” rating and a $195.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Adobe Systems currently has an average rating of “Buy” and a consensus target price of $158.25.
In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles M. Geschke sold 25,000 shares of the stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. Insiders sold 53,359 shares of company stock worth $7,868,382 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of ADBE. Aviva PLC increased its stake in Adobe Systems by 0.4% in the 2nd quarter. Aviva PLC now owns 312,394 shares of the software company’s stock valued at $44,194,000 after buying an additional 1,250 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Adobe Systems by 7.0% during the 1st quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock worth $693,890,000 after purchasing an additional 349,088 shares during the period. Morgan Stanley boosted its holdings in shares of Adobe Systems by 52.2% in the 1st quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock worth $211,367,000 after buying an additional 557,169 shares during the last quarter. Gofen & Glossberg LLC IL boosted its holdings in shares of Adobe Systems by 2.7% in the 1st quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock worth $3,376,000 after buying an additional 673 shares during the last quarter. Finally, Arcadia Investment Management Corp MI boosted its holdings in shares of Adobe Systems by 6.9% in the 2nd quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after buying an additional 2,242 shares during the last quarter. Hedge funds and other institutional investors own 87.43% of the company’s stock.
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Adobe Systems (NASDAQ:ADBE) opened at 148.60 on Wednesday. Adobe Systems has a 52 week low of $98.00 and a 52 week high of $157.89. The company has a market capitalization of $73.25 billion, a price-to-earnings ratio of 46.71 and a beta of 0.98. The company’s 50-day moving average price is $151.65 and its 200 day moving average price is $142.05.
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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