$4.34 Billion in Sales Expected for Adobe Inc. (NASDAQ:ADBE) This Quarter

Wall Street analysts expect Adobe Inc. (NASDAQ:ADBEGet Rating) to announce $4.34 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have issued estimates for Adobe’s earnings, with estimates ranging from $4.33 billion to $4.34 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 expected to issue its next quarterly earnings report on Monday, January 1st.

On average, 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 fiscal year, analysts forecast that the firm will post sales of $20.42 billion, with estimates ranging from $19.94 billion to $20.65 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that follow Adobe.

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

Several research firms recently issued reports on ADBE. Morgan Stanley dropped their target price on Adobe from $652.00 to $591.00 and set an “overweight” rating on the stock in a report on Wednesday, March 23rd. Argus lowered their price target on Adobe from $764.00 to $575.00 and set a “buy” rating on the stock in a research report on Monday, March 28th. BNP Paribas started coverage on Adobe in a research report on Tuesday, March 29th. They issued an “outperform” rating and a $570.00 target price on the stock. BMO Capital Markets started coverage on Adobe in a research report on Wednesday, March 23rd. They issued a “buy” rating and a $535.00 target price on the stock. Finally, Mizuho decreased their target price on Adobe from $685.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, March 11th. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $584.63.

In other news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total value of $197,140.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John E. Warnock sold 5,000 shares of the stock in a transaction on Tuesday, April 26th. The shares were 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 owns 405,165 shares of the company’s stock, valued at $163,808,209.50. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock valued at $4,793,387 over the last quarter. 0.23% of the stock is owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. Maverick Capital Ltd. raised its position in Adobe by 1.6% during the 3rd quarter. Maverick Capital Ltd. now owns 161,469 shares of the software company’s stock worth $92,961,000 after purchasing an additional 2,539 shares during the last quarter. Welch & Forbes LLC raised its position in Adobe by 4.1% during the 4th quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock worth $46,646,000 after purchasing an additional 3,210 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Adobe by 3.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,191,600 shares of the software company’s stock worth $686,056,000 after purchasing an additional 35,882 shares during the last quarter. Vestor Capital LLC grew its holdings in Adobe by 0.7% during the 3rd quarter. Vestor Capital LLC now owns 31,739 shares of the software company’s stock worth $18,272,000 after acquiring an additional 222 shares during the period. Finally, Peak Financial Management Inc. acquired a new stake in Adobe during the 4th quarter worth about $201,000. 82.54% of the stock is owned by institutional investors and hedge funds.

Shares of Adobe stock opened at $399.09 on Friday. Adobe has a one year low of $370.27 and a one year high of $699.54. The firm has a market cap of $188.57 billion, a price-to-earnings ratio of 39.63, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09. 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 stock’s 50-day moving average is $424.52 and its 200-day moving average is $509.69.

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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