Adobe Inc (NASDAQ:ADBE) Expected to Post Quarterly Sales of $2.81 Billion

Equities research analysts expect that Adobe Inc (NASDAQ:ADBE) will post sales of $2.81 billion for the current quarter, according to Zacks. Nine analysts have issued estimates for Adobe’s earnings, with the highest sales estimate coming in at $2.82 billion and the lowest estimate coming in at $2.80 billion. Adobe reported sales of $2.29 billion during the same quarter last year, which indicates a positive year over year growth rate of 22.7%. The firm is scheduled to announce its next quarterly earnings report after the market closes on Tuesday, September 17th.

According to Zacks, analysts expect that Adobe will report full-year sales of $11.17 billion for the current financial year, with estimates ranging from $11.15 billion to $11.21 billion. For the next fiscal year, analysts expect that the firm will post sales of $13.11 billion, with estimates ranging from $12.78 billion to $13.26 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Adobe.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. The business had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 earnings per share.

A number of research firms recently issued reports on ADBE. Stephens raised shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $288.00 to $327.00 in a research note on Wednesday, June 19th. JPMorgan Chase & Co. lifted their price target on shares of Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Wedbush lifted their price target on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Credit Suisse Group lifted their price target on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Finally, Wells Fargo & Co reiterated a “hold” rating and set a $275.00 price target (up previously from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $301.69.

In other news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction dated Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the completion of the sale, the executive vice president now directly owns 58,458 shares in the company, valued at $16,777,446. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Dana Rao sold 2,832 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. Insiders have sold a total of 26,627 shares of company stock worth $7,829,264 in the last 90 days. 0.32% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Marquette Asset Management LLC lifted its stake in Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares during the last quarter. JNBA Financial Advisors increased its stake in shares of Adobe by 666.7% during the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after purchasing an additional 80 shares in the last quarter. Manchester Financial Inc. bought a new position in shares of Adobe during the second quarter valued at approximately $28,000. Buffington Mohr McNeal bought a new position in shares of Adobe during the first quarter valued at approximately $26,000. Finally, Ellis Investment Partners LLC bought a new position in shares of Adobe during the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 86.39% of the company’s stock.

ADBE stock traded down $3.70 during trading on Monday, reaching $287.83. The company had a trading volume of 58,572 shares, compared to its average volume of 2,328,724. Adobe has a 52 week low of $204.95 and a 52 week high of $313.11. The company has a market cap of $142.06 billion, a P/E ratio of 51.83, a PEG ratio of 2.61 and a beta of 1.08. The business has a 50 day moving average of $299.97 and a 200 day moving average of $278.29. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70.

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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