Adobe Inc (ADBE) Expected to Post Quarterly Sales of $2.70 Billion

Analysts expect Adobe Inc (NASDAQ:ADBE) to report $2.70 billion in sales for the current quarter, Zacks Investment Research reports. Nine analysts have issued estimates for Adobe’s earnings, with estimates ranging from $2.70 billion to $2.72 billion. Adobe reported sales of $2.20 billion during the same quarter last year, which indicates a positive year over year growth rate of 22.7%. The business is scheduled to issue its next quarterly earnings results on Thursday, June 13th.

According to Zacks, analysts expect that Adobe will report full year sales of $11.15 billion for the current year, with estimates ranging from $11.12 billion to $11.15 billion. For the next year, analysts forecast that the company will post sales of $13.09 billion, with estimates ranging from $12.72 billion to $13.26 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Adobe.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.25). Adobe had a return on equity of 30.60% and a net margin of 28.08%. The firm had revenue of $2.58 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the previous year, the business earned $1.55 earnings per share. The company’s revenue for the quarter was up 24.1% compared to the same quarter last year.

ADBE has been the subject of several research analyst reports. Zacks Investment Research upgraded Adobe from a “hold” rating to a “buy” rating and set a $286.00 price objective for the company in a research note on Thursday, December 6th. Pivotal Research upgraded Adobe from a “hold” rating to a “buy” rating and raised their price objective for the stock from $252.00 to $262.00 in a research note on Monday, January 7th. DZ Bank restated a “hold” rating on shares of Adobe in a research note on Friday, February 22nd. Cowen cut Adobe from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a research note on Friday, February 15th. Finally, Canaccord Genuity raised their price objective on Adobe from $290.00 to $300.00 and gave the stock a “buy” rating in a research note on Friday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and eighteen have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $285.56.

In other Adobe news, EVP Ann Lewnes sold 2,692 shares of the firm’s stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $226.05, for a total value of $608,526.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles M. Geschke sold 21,258 shares of the firm’s stock in a transaction that occurred on Tuesday, January 8th. The shares were sold at an average price of $232.71, for a total value of $4,946,949.18. The disclosure for this sale can be found here. Over the last three months, insiders sold 282,344 shares of company stock worth $69,007,648. 0.32% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Oregon Public Employees Retirement Fund boosted its stake in shares of Adobe by 24,198.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 38,660,570 shares of the software company’s stock worth $171,000 after acquiring an additional 38,501,463 shares during the last quarter. FMR LLC raised its position in Adobe by 0.5% in the third quarter. FMR LLC now owns 37,486,540 shares of the software company’s stock valued at $10,119,492,000 after purchasing an additional 178,011 shares during the period. Vanguard Group Inc. raised its position in Adobe by 1.0% in the third quarter. Vanguard Group Inc. now owns 37,046,965 shares of the software company’s stock valued at $10,000,828,000 after purchasing an additional 349,019 shares during the period. Vanguard Group Inc raised its position in Adobe by 1.0% in the third quarter. Vanguard Group Inc now owns 37,046,965 shares of the software company’s stock valued at $10,000,828,000 after purchasing an additional 349,019 shares during the period. Finally, BlackRock Inc. raised its position in Adobe by 0.6% in the third quarter. BlackRock Inc. now owns 33,974,587 shares of the software company’s stock valued at $9,171,442,000 after purchasing an additional 191,786 shares during the period. 85.47% of the stock is currently owned by institutional investors.

Shares of NASDAQ:ADBE traded up $2.66 during trading on Tuesday, hitting $260.42. The stock had a trading volume of 4,242,740 shares, compared to its average volume of 3,188,497. Adobe has a 12-month low of $204.95 and a 12-month high of $277.61. The stock has a market cap of $126.07 billion, a price-to-earnings ratio of 46.96, a PEG ratio of 2.52 and a beta of 1.10. The company has a quick ratio of 1.13, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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