Zacks: Brokerages Anticipate Adobe Inc. (NASDAQ:ADBE) Will Post Quarterly Sales of $4.34 Billion

Posted by on Jun 10th, 2022

Equities research analysts forecast that Adobe Inc. (NASDAQ:ADBE – Get Rating) will report $4.34 billion in sales for the current quarter, Zacks reports. Seven analysts have issued estimates for Adobe’s earnings, with the highest sales estimate coming in at $4.34 billion and the lowest estimate coming in at $4.33 billion. Adobe reported sales of $3.84 billion during the same quarter last year, which would suggest a positive year over year growth rate of 13%. The firm is scheduled to announce its next earnings report after the market closes on Monday, January 1st.

According to Zacks, analysts expect that Adobe will report full year sales of $17.83 billion for the current fiscal year, with estimates ranging from $17.77 billion to $17.90 billion. For the next financial year, analysts expect that the business will post sales of $20.34 billion, with estimates ranging from $19.94 billion to $20.65 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Adobe.

Adobe (NASDAQ:ADBE – Get Rating) last posted its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $4.24 billion. During the same quarter in the prior year, the business posted $2.64 EPS. The business’s revenue was up 9.1% compared to the same quarter last year.

Several analysts have recently issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Adobe from $660.00 to $575.00 and set a “buy” rating for the company in a research note on Wednesday, March 23rd. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Oppenheimer reduced their price target on shares of Adobe from $660.00 to $560.00 and set an “outperform” rating for the company in a research report on Wednesday, March 23rd. Royal Bank of Canada reduced their price target on shares of Adobe from $650.00 to $600.00 and set an “outperform” rating for the company in a research report on Monday, March 21st. Finally, Cowen reduced their price target on shares of Adobe from $600.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Adobe presently has an average rating of “Buy” and an average price target of $571.44.

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

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Adobe by 3.3% in the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after purchasing an additional 1,212,093 shares in the last quarter. State Street Corp grew its position in Adobe by 3.4% during the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after acquiring an additional 643,656 shares during the last quarter. Geode Capital Management LLC grew its position in Adobe by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock valued at $4,863,475,000 after acquiring an additional 211,062 shares during the last quarter. Morgan Stanley grew its position in Adobe by 4.0% during the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after acquiring an additional 267,038 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in Adobe by 4.7% during the fourth quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company’s stock valued at $3,821,679,000 after acquiring an additional 304,991 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors and hedge funds.

NASDAQ ADBE opened at $426.42 on Friday. Adobe has a 1 year low of $370.27 and a 1 year high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. The firm has a market cap of $201.48 billion, a price-to-earnings ratio of 42.35, a PEG ratio of 2.24 and a beta of 1.08. The company has a fifty day moving average price of $417.37 and a 200-day moving average price of $485.99.

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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