Equities analysts expect that Adobe Systems (NASDAQ:ADBE) will post $2.15 billion in sales for the current quarter, according to Zacks. Eight analysts have provided estimates for Adobe Systems’ earnings. The highest sales estimate is $2.16 billion and the lowest is $2.15 billion. Adobe Systems reported sales of $1.77 billion during the same quarter last year, which indicates a positive year-over-year growth rate of 21.5%. The firm is scheduled to issue its next earnings report on Tuesday, June 19th.
On average, analysts expect that Adobe Systems will report full-year sales of $8.80 billion for the current financial year, with estimates ranging from $8.73 billion to $8.90 billion. For the next fiscal year, analysts expect that the firm will report sales of $10.35 billion per share, with estimates ranging from $10.07 billion to $10.53 billion. Zacks’ sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Adobe Systems.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.11. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.05 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The firm’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the previous year, the company earned ($0.43) earnings per share.
Shares of Adobe Systems traded up $1.57, hitting $240.36, on Friday, MarketBeat Ratings reports. The company had a trading volume of 925,961 shares, compared to its average volume of 2,169,954. Adobe Systems has a 1-year low of $131.20 and a 1-year high of $243.49. The company has a market cap of $117.26 billion, a P/E ratio of 66.95, a P/E/G ratio of 2.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12.
Adobe Systems announced that its board has authorized a stock buyback program on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to buy up to 6.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
In related news, Director Charles M. Geschke sold 16,000 shares of the company’s stock in a transaction dated Friday, April 20th. The shares were sold at an average price of $224.35, for a total transaction of $3,589,600.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction dated Tuesday, March 20th. The stock was sold at an average price of $224.94, for a total transaction of $1,124,700.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $3,618,834.72. The disclosure for this sale can be found here. Insiders have sold 46,819 shares of company stock valued at $10,451,729 in the last ninety days. 0.33% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Cambridge Investment Research Advisors Inc. lifted its position in Adobe Systems by 25.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 33,339 shares of the software company’s stock worth $5,842,000 after purchasing an additional 6,663 shares during the period. LPL Financial LLC lifted its holdings in shares of Adobe Systems by 2.0% in the fourth quarter. LPL Financial LLC now owns 93,910 shares of the software company’s stock worth $16,457,000 after acquiring an additional 1,832 shares during the last quarter. Financial Advocates Investment Management bought a new position in shares of Adobe Systems in the fourth quarter worth about $269,000. Guggenheim Capital LLC lifted its holdings in shares of Adobe Systems by 17.7% in the fourth quarter. Guggenheim Capital LLC now owns 700,359 shares of the software company’s stock worth $122,732,000 after acquiring an additional 105,208 shares during the last quarter. Finally, Bank of Hawaii lifted its holdings in shares of Adobe Systems by 93.3% in the fourth quarter. Bank of Hawaii now owns 10,030 shares of the software company’s stock worth $1,758,000 after acquiring an additional 4,840 shares during the last quarter. 85.97% of the stock is owned by institutional investors and hedge funds.
About Adobe Systems
Adobe Systems Incorporated 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. This segment's flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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