Adobe Systems (NASDAQ:ADBE) updated its third quarter earnings guidance on Thursday. The company provided EPS guidance of $1.68 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.61. The company issued revenue guidance of $2.24 billion, compared to the consensus revenue estimate of $2.22 billion.
A number of equities research analysts have recently weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Adobe Systems to $268.00 and gave the company an outperform rating in a report on Monday. They noted that the move was a valuation call. Barclays boosted their price objective on shares of Adobe Systems from $260.00 to $270.00 and gave the company an overweight rating in a report on Tuesday. Credit Suisse Group reissued an outperform rating and set a $250.00 price objective on shares of Adobe Systems in a report on Thursday, May 10th. Robert W. Baird boosted their price objective on shares of Adobe Systems from $240.00 to $260.00 and gave the company a buy rating in a report on Tuesday, May 22nd. Finally, Zacks Investment Research lowered shares of Adobe Systems from a buy rating to a hold rating in a report on Wednesday, May 16th. Ten research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Adobe Systems has a consensus rating of Buy and an average price target of $223.03.
NASDAQ:ADBE traded up $2.08 during mid-day trading on Thursday, hitting $258.21. The company’s stock had a trading volume of 5,302,549 shares, compared to its average volume of 2,883,700. The firm has a market cap of $123.61 billion, a price-to-earnings ratio of 71.92, a PEG ratio of 2.90 and a beta of 1.08. Adobe Systems has a 1 year low of $134.45 and a 1 year high of $258.91. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.12 and a current ratio of 2.12.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.12. The business had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.16 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The company’s revenue was up 23.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.02 earnings per share. equities research analysts predict that Adobe Systems will post 5.35 earnings per share for the current fiscal year.
Adobe Systems declared that its Board of Directors has authorized a share repurchase program on Monday, May 21st that permits the company to repurchase $8.00 billion in shares. This repurchase authorization permits the software company to buy up to 6.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other Adobe Systems 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 value of $3,589,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the transaction, the director now 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. In the last quarter, insiders sold 46,819 shares of company stock valued at $10,451,729. Insiders own 0.33% of the company’s stock.
Adobe Systems Company Profile
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. Its 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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