Zacks: Brokerages Anticipate Adobe Inc (ADBE) Will Announce Quarterly Sales of $2.70 Billion

Equities research analysts expect Adobe Inc (NASDAQ:ADBE) to post $2.70 billion in sales for the current quarter, Zacks reports. Ten analysts have provided estimates for Adobe’s earnings. Adobe posted sales of $2.20 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.7%. The company is expected to report its next quarterly earnings results on Thursday, June 13th.

According to Zacks, analysts expect that Adobe will report full-year sales of $11.15 billion for the current financial year, with estimates ranging from $11.12 billion to $11.15 billion. For the next financial year, analysts anticipate that the company will post sales of $13.09 billion, with estimates ranging from $12.72 billion to $13.26 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Adobe.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Adobe had a net margin of 28.08% and a return on equity of 30.60%. The business’s quarterly revenue was up 24.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.55 EPS.

A number of research firms have weighed in on ADBE. BidaskClub raised shares of Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 30th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $282.00 to $340.00 in a research note on Monday, April 29th. Zacks Investment Research raised shares of Adobe from a “hold” rating to a “buy” rating and set a $300.00 price target on the stock in a research note on Tuesday, May 14th. Robert W. Baird increased their price target on shares of Adobe from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 15th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $280.00 price target on shares of Adobe in a research note on Friday, March 29th. Nine investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $289.63.

NASDAQ:ADBE opened at $279.85 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.33. The company has a market cap of $138.36 billion, a price-to-earnings ratio of 50.42, a P/E/G ratio of 2.77 and a beta of 1.11. Adobe has a fifty-two week low of $204.95 and a fifty-two week high of $291.70.

In related news, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $258.13, for a total transaction of $774,390.00. Following the completion of the sale, the executive vice president now directly owns 72,368 shares of the company’s stock, valued at approximately $18,680,351.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Donna Morris sold 15,000 shares of the firm’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $275.00, for a total transaction of $4,125,000.00. The disclosure for this sale can be found here. Insiders sold 59,936 shares of company stock valued at $16,291,198 in the last three months. Company insiders own 0.32% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Buffington Mohr McNeal bought a new position in shares of Adobe during the first quarter valued at approximately $26,000. Liberty Wealth Management LLC bought a new position in shares of Adobe during the fourth quarter valued at approximately $30,000. Canton Hathaway LLC bought a new position in shares of Adobe during the first quarter valued at approximately $35,000. Barnett & Company Inc. bought a new position in shares of Adobe during the fourth quarter valued at approximately $32,000. Finally, Ruggie Capital Group bought a new position in shares of Adobe during the fourth quarter valued at approximately $33,000. 86.40% of the stock is owned by institutional investors and hedge funds.

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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