Adobe Systems Incorporated (NASDAQ:ADBE) – Investment analysts at Griffin Securities increased their Q3 2017 earnings per share (EPS) estimates for shares of Adobe Systems in a research report issued to clients and investors on Wednesday. Griffin Securities analyst now expects that the software company will earn $0.84 per share for the quarter, up from their prior estimate of $0.81.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company earned $0.71 earnings per share. The business’s revenue for the quarter was up 26.7% on a year-over-year basis. TRADEMARK VIOLATION WARNING: This report was reported by Mideast Time and is the property of of Mideast Time. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of United States & international copyright & trademark legislation. The correct version of this report can be viewed at https://www.mideasttime.com/adobe-systems-incorporated-adbe-expected-to-post-q3-2017-earnings-of-0-84-per-share/1807101.html.
Other equities research analysts also recently issued reports about the stock. Zacks Investment Research raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $161.00 price objective on the stock in a research report on Friday. Barclays PLC increased their price objective on shares of Adobe Systems from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday. Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price objective on the stock. in a research report on Thursday, May 25th. Citigroup Inc. increased their price objective on shares of Adobe Systems from $161.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Stifel Nicolaus increased their price objective on shares of Adobe Systems from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-six have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $154.01.
Adobe Systems (ADBE) opened at 145.41 on Friday. Adobe Systems has a 12-month low of $90.35 and a 12-month high of $145.59. The stock has a market capitalization of $71.93 billion, a price-to-earnings ratio of 55.52 and a beta of 0.98. The firm has a 50-day moving average of $138.74 and a 200 day moving average of $123.07.
Hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its stake in shares of Adobe Systems by 0.4% in the first quarter. FMR LLC now owns 33,995,506 shares of the software company’s stock valued at $4,423,835,000 after buying an additional 139,986 shares during the period. Vanguard Group Inc. boosted its stake in shares of Adobe Systems by 2.9% in the first quarter. Vanguard Group Inc. now owns 33,055,251 shares of the software company’s stock valued at $4,301,480,000 after buying an additional 937,118 shares during the period. BlackRock Inc. increased its position in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after buying an additional 30,228,013 shares during the period. State Street Corp increased its position in Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after buying an additional 234,270 shares during the period. Finally, Janus Capital Management LLC increased its position in Adobe Systems by 4.0% in the fourth quarter. Janus Capital Management LLC now owns 14,281,223 shares of the software company’s stock valued at $1,470,479,000 after buying an additional 550,041 shares during the period. Hedge funds and other institutional investors own 87.93% of the company’s stock.
In related news, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $129.96, for a total value of $290,200.68. Following the completion of the sale, the executive vice president now owns 66,410 shares in the company, valued at $8,630,643.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan Lamkin sold 20,000 shares of the firm’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $130.30, for a total transaction of $2,606,000.00. Following the completion of the sale, the executive vice president now owns 52,083 shares of the company’s stock, valued at approximately $6,786,414.90. The disclosure for this sale can be found here. Insiders sold 59,299 shares of company stock valued at $8,207,293 in the last quarter. Company insiders own 0.38% of the company’s stock.
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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