Adobe Systems Incorporated (NASDAQ:ADBE) announced its quarterly earnings data on Tuesday. The software company reported $1.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.07, RTT News reports. Adobe Systems had a return on equity of 18.69% and a net margin of 21.34%. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Adobe Systems’s revenue for the quarter was up 26.7% compared to the same quarter last year. Adobe Systems updated its Q3 guidance to $1.00 EPS.
Adobe Systems (NASDAQ ADBE) traded up 0.40% on Tuesday, hitting $140.91. 5,392,241 shares of the stock were exchanged. Adobe Systems has a 1-year low of $90.35 and a 1-year high of $144.34. The company has a market capitalization of $69.71 billion, a PE ratio of 53.80 and a beta of 0.98. The company has a 50-day moving average price of $138.57 and a 200 day moving average price of $122.77. Adobe Systems also saw unusually large options trading activity on Monday. Traders purchased 438 put options on the company. This is an increase of approximately 152% compared to the average volume of 174 put options.
In other Adobe Systems news, EVP Bryan Lamkin sold 20,000 shares of Adobe Systems stock in a transaction that occurred on 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 transaction, the executive vice president now owns 52,083 shares of the company’s stock, valued at $6,786,414.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of Adobe Systems stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $129.96, for a total transaction of $290,200.68. Following the transaction, the executive vice president now directly owns 66,410 shares in the company, valued at approximately $8,630,643.60. The disclosure for this sale can be found here. In the last three months, insiders sold 28,932 shares of company stock worth $3,789,736. 0.38% of the stock is currently owned by insiders.
A number of analysts have recently weighed in on ADBE shares. BidaskClub cut Adobe Systems from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, June 13th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $150.00 price target on shares of Adobe Systems in a research report on Tuesday. Morgan Stanley reaffirmed an “equal weight” rating and issued a $137.00 price target on shares of Adobe Systems in a research report on Friday. Citigroup Inc. reaffirmed a “buy” rating and issued a $161.00 price target (up from $141.00) on shares of Adobe Systems in a research report on Tuesday, June 13th. Finally, Pivotal Research downgraded Adobe Systems from a “hold” rating to a “sell” rating and raised their price target for the company from $109.00 to $112.00 in a research report on Monday, June 12th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $140.51.
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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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