Adobe Stock – Zacks: Brokerages Expect Adobe Inc. (NASDAQ:ADBE) Will Announce Earnings of $2.77 Per Share

Equities research analysts expect Adobe Inc. (NASDAQ:ADBE) to report $2.77 earnings per share for the current fiscal quarter, Zacks Investment Research reports. Eight analysts have provided estimates for Adobe’s earnings. The highest EPS estimate is $2.81 and the lowest is $2.60. Adobe posted earnings of $2.27 per share during the same quarter last year, which would indicate a positive year over year growth rate of 22%. The firm is scheduled to issue its next earnings results on Thursday, March 11th.

On average, analysts expect that Adobe will report full year earnings of $11.25 per share for the current year, with EPS estimates ranging from $11.07 to $11.47. For the next financial year, analysts anticipate that the business will report earnings of $13.21 per share, with EPS estimates ranging from $12.56 to $13.62. Zacks Investment Research’s EPS averages are a mean average based on a survey of research analysts that that provide coverage for Adobe.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 9th. The software company reported $2.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.66 by $0.15. Adobe had a net margin of 40.88% and a return on equity of 35.81%. The business had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.36 billion. During the same period in the prior year, the company earned $2.29 EPS. The firm’s quarterly revenue was up 14.4% compared to the same quarter last year.

A number of equities research analysts have weighed in on the stock. Wedbush boosted their target price on shares of Adobe from $410.00 to $510.00 and gave the stock a “neutral” rating in a report on Wednesday, February 3rd. Royal Bank of Canada boosted their target price on shares of Adobe from $570.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, December 11th. Oppenheimer initiated coverage on shares of Adobe in a report on Friday, December 11th. They set a “buy” rating and a $550.00 target price on the stock. Barclays reaffirmed a “buy” rating and issued a $605.00 price objective on shares of Adobe in a research note on Sunday, December 13th. Finally, The Goldman Sachs Group initiated coverage on shares of Adobe in a research note on Thursday, January 21st. They issued a “buy” rating and a $580.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-two have issued a buy rating to the stock. Adobe currently has an average rating of “Buy” and an average target price of $527.42.

In other Adobe news, EVP Scott Belsky sold 600 shares of the business’s stock in a transaction dated Monday, November 16th. The shares were sold at an average price of $459.79, for a total value of $275,874.00. Following the transaction, the executive vice president now directly owns 10,016 shares in the company, valued at $4,605,256.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 948 shares of the stock in a transaction that occurred on Monday, December 14th. The shares were sold at an average price of $475.61, for a total transaction of $450,878.28. Following the transaction, the chief accounting officer now directly owns 178 shares of the company’s stock, valued at $84,658.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,663 shares of company stock valued at $51,994,792. 0.31% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Tompkins Financial Corp lifted its stake in Adobe by 23.1% in the fourth quarter. Tompkins Financial Corp now owns 11,690 shares of the software company’s stock valued at $3,720,000 after purchasing an additional 2,196 shares during the last quarter. Jennison Associates LLC lifted its stake in Adobe by 2.3% in the fourth quarter. Jennison Associates LLC now owns 7,090,041 shares of the software company’s stock valued at $3,545,871,000 after purchasing an additional 157,886 shares during the last quarter. Phoenix Wealth Advisors purchased a new position in Adobe in the fourth quarter valued at approximately $777,000. Magnus Financial Group LLC lifted its stake in Adobe by 2.9% in the fourth quarter. Magnus Financial Group LLC now owns 1,437 shares of the software company’s stock valued at $719,000 after purchasing an additional 41 shares during the last quarter. Finally, Insight Wealth Strategies LLC lifted its stake in Adobe by 5.5% in the fourth quarter. Insight Wealth Strategies LLC now owns 8,114 shares of the software company’s stock valued at $4,058,000 after purchasing an additional 422 shares during the last quarter. Institutional investors and hedge funds own 82.43% of the company’s stock.

ADBE opened at $492.12 on Monday. Adobe has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.48 and a quick ratio of 1.44. The firm has a market capitalization of $236.08 billion, a price-to-earnings ratio of 45.40, a PEG ratio of 2.55 and a beta of 0.97. The company’s 50 day moving average price is $481.17 and its two-hundred day moving average price is $476.59.

Adobe announced that its Board of Directors has approved a stock buyback plan on Thursday, December 10th that permits the company to repurchase $15.00 billion in shares. This repurchase authorization permits the software company to buy up to 6.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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.

See Also: What is a SEC Filing?

Get a free copy of the Zacks research report on Adobe (ADBE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]