Adobe Inc. (NASDAQ:ADBE) Expected to Announce Quarterly Sales of $4.34 Billion

Brokerages expect that Adobe Inc. (NASDAQ:ADBEGet Rating) will post $4.34 billion in sales for the current quarter, Zacks reports. Eight analysts have provided estimates for Adobe’s earnings, with estimates ranging from $4.33 billion to $4.34 billion. Adobe posted sales of $3.84 billion in the same quarter last year, which suggests a positive year over year growth rate of 13%. The company is expected to issue its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Adobe will report full-year sales of $17.83 billion for the current financial year, with estimates ranging from $17.77 billion to $17.90 billion. For the next financial year, analysts expect that the company will post sales of $20.42 billion, with estimates ranging from $19.94 billion to $20.65 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Adobe.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Tuesday, March 22nd. The software company reported $3.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.34 by $0.03. The business had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.24 billion. Adobe had a net margin of 29.90% and a return on equity of 36.47%. Adobe’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.64 earnings per share.

ADBE has been the subject of a number of recent analyst reports. BNP Paribas initiated coverage on shares of Adobe in a research report on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 price objective for the company. The Goldman Sachs Group dropped their price target on shares of Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Thursday. Piper Sandler lowered their target price on shares of Adobe from $600.00 to $545.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 23rd. Finally, Oppenheimer lowered their price objective on shares of Adobe from $660.00 to $560.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 23rd. Six investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Buy” and an average target price of $587.75.

NASDAQ:ADBE opened at $395.95 on Friday. Adobe has a one year low of $394.64 and a one 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 50-day moving average of $439.00 and a 200-day moving average of $534.03. The company has a market cap of $187.09 billion, a PE ratio of 39.32, a PEG ratio of 2.16 and a beta of 1.05.

In other Adobe news, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total value of $2,021,500.00. Following the completion of the transaction, the director now directly owns 405,165 shares of the company’s stock, valued at approximately $163,808,209.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock worth $4,793,387 in the last three months. 0.23% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock worth $21,279,818,000 after purchasing an additional 1,212,093 shares during the last quarter. State Street Corp grew its holdings in Adobe by 3.4% in 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 purchasing an additional 643,656 shares during the last quarter. Geode Capital Management LLC grew its holdings in Adobe by 2.5% in 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 purchasing an additional 211,062 shares during the last quarter. Morgan Stanley grew its holdings in Adobe by 4.0% in the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after purchasing an additional 267,038 shares during the last quarter. Finally, Jennison Associates LLC grew its holdings in Adobe by 1.8% in the third quarter. Jennison Associates LLC now owns 6,760,780 shares of the software company’s stock valued at $3,892,316,000 after purchasing an additional 121,756 shares during the last quarter. 82.70% of the stock is owned by hedge funds and other institutional investors.

About Adobe (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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