Analysts Anticipate Adobe Inc. (NASDAQ:ADBE) Will Post Quarterly Sales of $4.34 Billion

Wall Street analysts expect that Adobe Inc. (NASDAQ:ADBEGet Rating) will announce sales of $4.34 billion for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Adobe’s earnings. The lowest sales estimate is $4.33 billion and the highest is $4.34 billion. Adobe reported sales of $3.84 billion during the same quarter last year, which would suggest a positive year over year growth rate of 13%. The business is scheduled to report its next earnings report on Monday, January 1st.

On average, analysts expect that Adobe will report full year sales of $17.82 billion for the current fiscal year, with estimates ranging from $17.77 billion to $17.90 billion. For the next financial year, analysts forecast that the firm will report sales of $20.38 billion, with estimates ranging from $19.94 billion to $20.65 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Adobe.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.07. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the company posted $2.64 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year.

A number of analysts have commented on ADBE shares. Piper Sandler lowered their price target on Adobe from $600.00 to $545.00 and set an “overweight” rating for the company in a research report on Wednesday, March 23rd. Barclays cut their price target on Adobe from $540.00 to $530.00 in a research note on Wednesday, March 23rd. Wells Fargo & Company cut their price objective on Adobe from $600.00 to $525.00 and set an “overweight” rating for the company in a research note on Wednesday, May 18th. TheStreet lowered Adobe from a “b” rating to a “c+” rating in a research note on Thursday, February 17th. Finally, BMO Capital Markets assumed coverage on Adobe in a research report on Wednesday, March 23rd. They issued a “buy” rating and a $535.00 price target for the company. Seven research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $583.79.

In related news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total value of $197,140.77. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 615 shares of the stock in a transaction on Thursday, April 14th. The shares were sold at an average price of $432.03, for a total value of $265,698.45. Following the completion of the transaction, the director now directly owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,538 shares of company stock worth $4,793,387. Insiders own 0.23% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. Kestra Private Wealth Services LLC grew its holdings in shares of Adobe by 4.5% during the first quarter. Kestra Private Wealth Services LLC now owns 10,725 shares of the software company’s stock worth $4,887,000 after purchasing an additional 465 shares during the last quarter. Gradient Investments LLC grew its holdings in shares of Adobe by 3,902.6% during the first quarter. Gradient Investments LLC now owns 6,084 shares of the software company’s stock worth $2,772,000 after purchasing an additional 5,932 shares during the last quarter. Martin Currie Ltd. grew its holdings in shares of Adobe by 3.7% during the first quarter. Martin Currie Ltd. now owns 196,850 shares of the software company’s stock worth $89,689,000 after purchasing an additional 7,115 shares during the last quarter. Ninety One UK Ltd grew its holdings in shares of Adobe by 6.9% during the first quarter. Ninety One UK Ltd now owns 64,223 shares of the software company’s stock worth $29,261,000 after purchasing an additional 4,164 shares during the last quarter. Finally, Midwest Wealth Management Inc. grew its holdings in shares of Adobe by 4.1% during the first quarter. Midwest Wealth Management Inc. now owns 6,256 shares of the software company’s stock worth $2,850,000 after purchasing an additional 248 shares during the last quarter. 82.54% of the stock is currently owned by institutional investors.

NASDAQ:ADBE traded up $19.62 during midday trading on Friday, hitting $428.22. The stock had a trading volume of 3,559,784 shares, compared to its average volume of 3,653,511. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $202.33 billion, a price-to-earnings ratio of 42.52, a PEG ratio of 2.04 and a beta of 1.09. The stock has a 50-day moving average of $421.11 and a 200 day moving average of $499.76. Adobe has a one year low of $370.27 and a one year high of $699.54.

Adobe Company Profile (Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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Earnings History and Estimates for Adobe (NASDAQ:ADBE)

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