$2.81 Billion in Sales Expected for Adobe Inc (NASDAQ:ADBE) This Quarter

Wall Street analysts expect that Adobe Inc (NASDAQ:ADBE) will report $2.81 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have issued estimates for Adobe’s earnings, with estimates ranging from $2.80 billion to $2.82 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 company is scheduled to report its next earnings results after the market closes on Tuesday, September 17th.

On average, analysts expect that Adobe will report full-year sales of $11.17 billion for the current year, with estimates ranging from $11.15 billion to $11.21 billion. For the next financial year, analysts expect that the business will report sales of $13.11 billion, with estimates ranging from $12.81 billion to $13.26 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Adobe.

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

ADBE has been the topic of a number of recent research reports. Canaccord Genuity boosted their price target on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Morgan Stanley upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. Bank of America boosted their price target on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Zacks Investment Research lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $301.69.

In other news, Director John E. Warnock sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total value of $1,187,760.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction that occurred on 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 sold a total of 29,627 shares of company stock worth $8,697,224 over the last three months. Insiders own 0.32% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. increased its stake in Adobe by 1.3% during the 2nd quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock worth $748,000 after buying an additional 33 shares during the period. New Amsterdam Partners LLC NY increased its stake in Adobe by 2.5% during the 1st quarter. New Amsterdam Partners LLC NY now owns 1,458 shares of the software company’s stock worth $389,000 after buying an additional 36 shares during the period. Rockland Trust Co. increased its stake in Adobe by 1.3% during the 2nd quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock worth $874,000 after buying an additional 37 shares during the period. First National Bank of Hutchinson increased its stake in Adobe by 1.5% during the 2nd quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock worth $766,000 after buying an additional 37 shares during the period. Finally, Zions Bancorporation N.A. increased its stake in Adobe by 0.8% during the 2nd quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock worth $1,343,000 after buying an additional 38 shares during the period. 86.39% of the stock is currently owned by institutional investors and hedge funds.

ADBE traded down $5.25 on Monday, reaching $282.44. 2,377,368 shares of the company’s stock were exchanged, compared to its average volume of 2,314,993. The stock has a market cap of $141.52 billion, a PE ratio of 50.89, a P/E/G ratio of 2.65 and a beta of 1.08. Adobe has a twelve month low of $204.95 and a twelve month high of $313.11. The stock’s fifty day moving average price is $299.18 and its 200-day moving average price is $278.68. 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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