Stock Update (NASDAQ:ADBE): Trade Adobe’s Charts Ahead of Earnings

[at TheStreet] – The bet on Adobe is for an earnings and guidance beat, sending the stock higher. Read more on this. Adobe Systems Incorporated (ADBE) , with a current market cap of $49.24B, began trading this morning at $97.10. Looking at today’s trading action, the company’s one day range from $96.77 to $98.49 with its 52-week range being $71.27 to $100.56. ADBE shares are currently priced at 33.65x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 2.21x forward p/e ratio. In a review of the consensus earnings estimate this quarter, 22 sell-side analysts are looking at $0.68 per share, which would be $0.20 better than the year-ago quarter and a $0.00 sequential decrease. Investors should also note that the full-year EPS estimate of $2.84 is a $0.76 improvement when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $1.40 Billion. If reported, that would be a 20.69% increase over the year-ago quarter. More recently, Canaccord Genuity Initiated ADBE at Buy (Mar 31, 2016). Previously, Dougherty & Company Initiated ADBE at to Buy. The average price target for ADBE shares is $110.38, which is 13.68% above where the stock opened this morning. See more in (NASDAQ:ADBE) Similar Articles: Stock Update (NASDAQ:ADBE): Adobe Systems (ADBE) Stock Initiated With ‘Buy’ Rating at Canaccord Market Update (NASDAQ:ADBE): More Squawk From Jim Cramer: ‘I Think Adobe (ADBE) Stock Goes to $100’ Market Update: Adobe Systems Inc (NASDAQ:ADBE) – Here’s Why Adobe Belongs in Your Portfolio Ahead of Earnings