Adobe Inc (NASDAQ:ADBE) – Griffin Securities issued their Q3 2019 earnings per share (EPS) estimates for Adobe in a note issued to investors on Wednesday, June 19th. Griffin Securities analyst forecasts that the software company will post earnings per share of $1.65 for the quarter. Griffin Securities also issued estimates for Adobe’s Q4 2019 earnings at $1.80 EPS and FY2019 earnings at $6.27 EPS.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. During the same period last year, the firm posted $1.66 EPS. Adobe’s revenue for the quarter was up 25.0% on a year-over-year basis.
Several other brokerages also recently issued reports on ADBE. Canaccord Genuity raised their price objective on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Bank of America raised their price objective on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. KeyCorp reissued a “hold” rating on shares of Adobe in a research report on Wednesday, June 19th. Finally, BidaskClub raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Monday. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $300.70.
Shares of Adobe stock opened at $287.97 on Monday. Adobe has a 1 year low of $204.95 and a 1 year high of $304.00. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.97. The stock has a market cap of $145.93 billion, a P/E ratio of 51.89, a P/E/G ratio of 2.73 and a beta of 1.11. The stock’s fifty day simple moving average is $278.67.
In related news, Director John E. Warnock sold 4,000 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $296.94, for a total value of $1,187,760.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at $4,777,170.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Donna Morris sold 13,804 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $270.00, for a total transaction of $3,727,080.00. Following the completion of the sale, the executive vice president now owns 5,603 shares of the company’s stock, valued at approximately $1,512,810. The disclosure for this sale can be found here. Insiders sold a total of 52,981 shares of company stock valued at $14,744,006 in the last 90 days. Company insiders own 0.32% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Buffington Mohr McNeal acquired a new position in Adobe during the first quarter worth about $26,000. Liberty Wealth Management LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $30,000. Barnett & Company Inc. purchased a new stake in shares of Adobe during the fourth quarter worth about $32,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $34,000. Finally, Canton Hathaway LLC purchased a new stake in shares of Adobe during the first quarter worth about $35,000. Hedge funds and other institutional investors own 85.81% of the company’s stock.
Adobe Company Profile
Adobe Inc 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 customer to download and access the latest versions of its creative products.
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