By Carly Forster
Adobe Systems Incorporated (NASDAQ:ADBE) is a San Jose, California-based American multinational computer software company. The company’s tools and services allow their consumers to create digital content, distribute it across media, and measure it over time. On Wednesday, June 18 Adobe revealed it’s latest update for its Creative Cloud.
Creative Cloud subscribers will be able to access 14 new and improved apps, including Photoshop CC, Illustrator CC and InDesign CC. Adobe’s Senior Vice President of Digital Media, David Wadhwani, noted, “Our shift to Creative Cloud has given us a broad canvas on which to innovate like never before. We’ve taken bold steps with this milestone release, fast-tracking new features to industry-defining tools like Photoshop and InDesign, while introducing mobile apps that turn tablets into indispensable creative tools.”
Adobe last released their quarterly earnings report on Tuesday, June 17. The company reported $0.37 earnings per share, beating analysts’ consensus estimate of $0.30 by $0.07. During the same quarter last year, the Adobe posted $0.36 earnings per share. The software company had revenue of $1.07 billion for the quarter, compared to analysts’ consensus of $1.03 billion. Adobe’s quarterly proceeds were up 5.7% on a year-over-year basis. On average, analysts’ predict that Adobe will post $1.17 earnings per share for the current fiscal year.
Shares of Adobe opened at $73.84 on Wednesday, June 18. The software company has a 1-year high of $74.69 and a 1-year low of $43.37. The stock’s daily moving average is $73.40 and had a 50-day moving average of $63.37. The market cap for Adobe is $36.37 billion and its P/E ratio is 140.54.
On June 18, Deutsche Bank analyst Nandan Amladi maintained a BUY rating for Adobe with an $80 price target. He explained Adobe’s shares are “still attractive, on a growth-adjusted basis.” Amladi has a +2.5% average return on all stocks and a 56% success rate in making recommendations. He has a +32.8% average return on Adobe.
Citigroup analyst Walter Pritchard also issued a BUY rating for Adobe on June 18. He has a +13.9% average return on all stocks and a 69% success rate. Pritchard also has +34.3% average return on Adobe stocks.
On the other hand, on June 18, Morgan Stanley analyst Jennifer Swanson maintained a Neutral rating for Adobe with no price target. She ” [saw] [the transition from subscription revenue from licensing] as already priced in” to Adobe shares.” Swanson has an +11.5% average return on all stocks and a 63% success rate in making recommendations.
Adobecurrently has a top analyst consensus of STRONG BUY
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Carly Forster writes about stock market news. She can be reached at [email protected]