Adobe Systems (NASDAQ:ADBE) released its earnings results on Thursday. The software company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04, Bloomberg Earnings reports. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.10 EPS. Adobe Systems updated its Q4 guidance to $1.87 EPS.

Shares of ADBE traded up $0.73 during trading hours on Thursday, reaching $268.52. The stock had a trading volume of 4,680,300 shares, compared to its average volume of 2,859,019. Adobe Systems has a 12 month low of $143.95 and a 12 month high of $270.94. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. The stock has a market cap of $130.74 billion, a P/E ratio of 74.80, a P/E/G ratio of 2.90 and a beta of 1.11.

In other Adobe Systems news, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction on Monday, June 18th. The stock was sold at an average price of $255.19, for a total transaction of $1,531,140.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,945 shares of the firm’s stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total value of $746,557.50. Following the transaction, the executive vice president now owns 67,377 shares in the company, valued at $17,080,069.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,324 shares of company stock worth $6,511,829. 0.33% of the stock is owned by company insiders.

Several analysts have recently commented on the stock. Barclays raised their price objective on shares of Adobe Systems to $297.00 and gave the stock an “overweight” rating in a research report on Wednesday. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Bank of America reaffirmed a “buy” rating and set a $300.00 price objective on shares of Adobe Systems in a research report on Wednesday. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $290.00 price objective on shares of Adobe Systems in a research report on Friday, June 15th. Finally, BMO Capital Markets raised their price objective on shares of Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a research report on Friday, June 15th. Nine investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $244.68.

Adobe Systems declared that its Board of Directors has initiated a share repurchase program on Monday, May 21st that permits the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Adobe Systems Company Profile

Adobe Systems Incorporated 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 customers to download and install the latest versions of its creative products.

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Earnings History for Adobe Systems (NASDAQ:ADBE)

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