Adobe Systems (NASDAQ:ADBE) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $1.68 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.61. The company issued revenue guidance of $2.24 billion, compared to the consensus revenue estimate of $2.22 billion.

Shares of ADBE stock traded up $1.97 on Thursday, hitting $258.10. 5,338,687 shares of the stock traded hands, compared to its average volume of 2,884,709. The company has a market capitalization of $123.61 billion, a price-to-earnings ratio of 71.89, a PEG ratio of 2.90 and a beta of 1.08. Adobe Systems has a 52 week low of $134.45 and a 52 week high of $258.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12.

Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 14th. The software company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.54 by $0.12. The firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.16 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The company’s revenue was up 23.9% on a year-over-year basis. During the same period last year, the firm earned $1.02 EPS. equities research analysts expect that Adobe Systems will post 5.35 earnings per share for the current fiscal year.

Adobe Systems announced that its Board of Directors has approved a stock buyback plan on Monday, May 21st that permits the company to buyback $8.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 6.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

ADBE has been the topic of several recent analyst reports. Royal Bank of Canada raised their price objective on shares of Adobe Systems to $268.00 and gave the company an outperform rating in a research report on Monday. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Adobe Systems from a buy rating to a hold rating in a research report on Tuesday, March 20th. JMP Securities cut shares of Adobe Systems from an outperform rating to a market perform rating in a research note on Monday, March 26th. Citigroup raised their target price on shares of Adobe Systems to $250.00 and gave the company a buy rating in a research note on Friday, March 16th. Finally, Barclays raised their target price on shares of Adobe Systems from $221.00 to $250.00 and gave the company an overweight rating in a research note on Thursday, March 15th. Ten analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $223.03.

In other Adobe Systems news, Director John E. Warnock sold 5,000 shares of Adobe Systems stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $224.94, for a total value of $1,124,700.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $3,618,834.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 2,942 shares of Adobe Systems stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $236.59, for a total transaction of $696,047.78. Following the completion of the transaction, the executive vice president now directly owns 70,322 shares of the company’s stock, valued at $16,637,481.98. The disclosure for this sale can be found here. Insiders sold a total of 46,819 shares of company stock valued at $10,451,729 over the last three months. Corporate insiders own 0.33% of the company’s stock.

About Adobe Systems

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.

Earnings History and Estimates for Adobe Systems (NASDAQ:ADBE)

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