Zacks: Brokerages Anticipate Adobe Inc. (NASDAQ:ADBE) Will Post Earnings of $3.30 Per Share

Wall Street analysts expect Adobe Inc. (NASDAQ:ADBEGet Rating) to post earnings of $3.30 per share for the current quarter, according to Zacks. Seven analysts have made estimates for Adobe’s earnings, with estimates ranging from $3.29 to $3.32. Adobe posted earnings per share of $3.03 in the same quarter last year, which suggests a positive year-over-year growth rate of 8.9%. The firm is scheduled to report its next quarterly earnings results after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Adobe will report full year earnings of $13.59 per share for the current year, with EPS estimates ranging from $13.42 to $13.80. For the next financial year, analysts expect that the firm will report earnings of $15.87 per share, with EPS estimates ranging from $15.27 to $16.32. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of sell-side analysts that cover Adobe.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings results on Tuesday, March 22nd. The software company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the firm earned $2.64 EPS. The business’s quarterly revenue was up 9.1% compared to the same quarter last year.

Several brokerages recently issued reports on ADBE. Mizuho reduced their price target on shares of Adobe from $685.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Wells Fargo & Company dropped their price objective on shares of Adobe from $600.00 to $525.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 18th. Jefferies Financial Group dropped their price objective on shares of Adobe from $570.00 to $550.00 in a research note on Monday, May 23rd. TheStreet lowered shares of Adobe from a “b” rating to a “c+” rating in a research note on Thursday, February 17th. Finally, StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Seven analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $578.58.

In other news, EVP Scott Belsky sold 2,750 shares of the company’s stock in a transaction on Friday, March 25th. The stock was sold at an average price of $435.44, for a total value of $1,197,460.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 615 shares of the company’s stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total value of $265,698.45. Following the completion of the transaction, the director now directly owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Insiders have sold 11,538 shares of company stock worth $4,793,387 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Investment Research & Advisory Group Inc. lifted its stake in Adobe by 2,350.0% during the 4th quarter. Investment Research & Advisory Group Inc. now owns 49 shares of the software company’s stock worth $28,000 after acquiring an additional 47 shares in the last quarter. Ulland Investment Advisors LLC acquired a new position in Adobe during the 4th quarter worth about $28,000. Clear Investment Research LLC lifted its stake in Adobe by 120.0% during the 4th quarter. Clear Investment Research LLC now owns 55 shares of the software company’s stock worth $31,000 after acquiring an additional 30 shares in the last quarter. Blue Bell Private Wealth Management LLC acquired a new position in Adobe during the 4th quarter worth about $33,000. Finally, Benjamin Edwards Inc. acquired a new position in Adobe during the 4th quarter worth about $35,000. 82.54% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ:ADBE traded down $4.58 during trading hours on Wednesday, reaching $428.84. The company’s stock had a trading volume of 1,789,679 shares, compared to its average volume of 3,621,543. The firm has a 50-day simple moving average of $417.96 and a 200-day simple moving average of $487.71. Adobe has a 1 year low of $370.27 and a 1 year high of $699.54. The firm has a market capitalization of $202.63 billion, a price-to-earnings ratio of 42.59, a PEG ratio of 2.22 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.04.

Adobe Company Profile (Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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