Adobe Systems Incorporated (ADBE) Announces Earnings Results, Beats Estimates By $0.09 EPS
Adobe Systems Incorporated (NASDAQ:ADBE) issued its quarterly earnings data on Tuesday. The software company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09, RTT News reports. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.80%. Adobe Systems’s revenue for the quarter was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.75 earnings per share.
Adobe Systems (ADBE) opened at 149.96 on Thursday. The firm has a market cap of $73.99 billion, a P/E ratio of 52.23 and a beta of 1.00. Adobe Systems has a 12 month low of $98.00 and a 12 month high of $157.89. The firm has a 50 day moving average of $151.61 and a 200-day moving average of $140.16. Adobe Systems also was the target of some unusual options trading activity on Monday. Stock investors acquired 14,327 call options on the stock. This is an increase of approximately 408% compared to the average volume of 2,821 call options.
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In other news, EVP Donna Morris sold 5,000 shares of Adobe Systems stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $145.00, for a total value of $725,000.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total transaction of $281,232.00. Following the completion of the sale, the executive vice president now directly owns 59,991 shares in the company, valued at approximately $8,638,704. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,359 shares of company stock worth $10,174,192. Insiders own 0.38% of the company’s stock.
Several large investors have recently modified their holdings of ADBE. Waldron LP boosted its holdings in shares of Adobe Systems by 96.9% in the first quarter. Waldron LP now owns 5,487 shares of the software company’s stock valued at $689,000 after acquiring an additional 2,701 shares in the last quarter. Capital One National Association purchased a new stake in shares of Adobe Systems in the first quarter valued at about $296,000. 361 Capital LLC purchased a new stake in shares of Adobe Systems in the first quarter valued at about $949,000. Bridgecreek Investment Management LLC boosted its holdings in shares of Adobe Systems by 1.7% in the first quarter. Bridgecreek Investment Management LLC now owns 53,100 shares of the software company’s stock valued at $6,910,000 after acquiring an additional 890 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Adobe Systems by 37.2% in the first quarter. Advisors Asset Management Inc. now owns 90,805 shares of the software company’s stock valued at $11,816,000 after acquiring an additional 24,616 shares in the last quarter. 87.40% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts recently commented on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research note on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price objective on shares of Adobe Systems in a research note on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and issued a $170.00 price objective (up previously from $165.00) on shares of Adobe Systems in a research note on Wednesday. Wells Fargo & Company reissued a “hold” rating and issued a $145.00 price objective (up previously from $127.50) on shares of Adobe Systems in a research note on Wednesday. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $163.00 price objective on shares of Adobe Systems in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $157.28.
About Adobe Systems
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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