$4.08 Billion in Sales Expected for Adobe Inc. (NASDAQ:ADBE) This Quarter

Equities analysts expect that Adobe Inc. (NASDAQ:ADBE) will report sales of $4.08 billion for the current fiscal quarter, Zacks reports. Six analysts have provided estimates for Adobe’s earnings, with the highest sales estimate coming in at $4.13 billion and the lowest estimate coming in at $4.07 billion. Adobe posted sales of $3.42 billion during the same quarter last year, which suggests a positive year over year growth rate of 19.3%. The business is scheduled to announce its next quarterly earnings report on Thursday, December 9th.

On average, analysts expect that Adobe will report full year sales of $15.75 billion for the current fiscal year, with estimates ranging from $15.74 billion to $15.81 billion. For the next financial year, analysts expect that the firm will post sales of $18.15 billion, with estimates ranging from $17.39 billion to $18.62 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that follow Adobe.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Monday, September 20th. The software company reported $3.11 EPS for the quarter, topping the Zacks’ consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the company earned $2.12 earnings per share. The company’s revenue was up 22.0% on a year-over-year basis.

ADBE has been the subject of a number of analyst reports. Royal Bank of Canada lifted their target price on shares of Adobe from $575.00 to $650.00 and gave the stock an “outperform” rating in a report on Friday, June 18th. BMO Capital Markets lifted their price objective on Adobe from $630.00 to $730.00 and gave the stock an “outperform” rating in a research note on Thursday, September 16th. Argus upped their price objective on Adobe from $650.00 to $764.00 and gave the company a “buy” rating in a report on Friday, September 3rd. Citigroup raised their target price on Adobe from $575.00 to $678.00 and gave the stock a “neutral” rating in a report on Wednesday, September 22nd. Finally, Piper Sandler upped their price target on Adobe from $600.00 to $670.00 and gave the company an “overweight” rating in a research note on Wednesday, September 22nd. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $679.57.

In related news, Director John E. Warnock sold 3,000 shares of the stock in a transaction on Friday, September 24th. The stock was sold at an average price of $628.03, for a total value of $1,884,090.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Gloria Chen sold 43 shares of the company’s stock in a transaction on Friday, July 23rd. The shares were sold at an average price of $625.76, for a total transaction of $26,907.68. The disclosure for this sale can be found here. In the last three months, insiders sold 44,779 shares of company stock worth $27,799,424. 0.23% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. OLD Mission Capital LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $217,000. Principal Financial Group Inc. increased its position in Adobe by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 1,874,967 shares of the software company’s stock worth $891,304,000 after buying an additional 46,667 shares during the period. E Fund Management Co. Ltd. acquired a new stake in shares of Adobe during the first quarter worth $5,324,000. Quilter Plc lifted its holdings in shares of Adobe by 7.6% during the first quarter. Quilter Plc now owns 128,682 shares of the software company’s stock worth $61,172,000 after buying an additional 9,083 shares in the last quarter. Finally, Palisade Capital Management LLC NJ boosted its position in shares of Adobe by 3.6% in the first quarter. Palisade Capital Management LLC NJ now owns 13,565 shares of the software company’s stock valued at $6,448,000 after acquiring an additional 475 shares during the period. Institutional investors and hedge funds own 81.67% of the company’s stock.

Shares of NASDAQ:ADBE traded up $16.51 during trading on Monday, hitting $607.63. 83,928 shares of the company’s stock were exchanged, compared to its average volume of 2,271,084. The firm has a 50-day moving average price of $629.27 and a two-hundred day moving average price of $570.55. Adobe has a 1-year low of $420.78 and a 1-year high of $673.88. The firm has a market cap of $289.47 billion, a P/E ratio of 52.33, a PEG ratio of 3.42 and a beta of 0.97. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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