Market Update (NASDAQ:ADBE): Why Adobe Stock Fell after Fiscal 2Q16 Results

[at Market Realist] – Looking at Adobe’s fiscal 2Q16 results, its stock should have been on the rise. However, Adobe stock fell 5% after the announcement of its fiscal 2Q16 results. Read more on this. Adobe Systems Incorporated (ADBE) , valued at $46.25B, opened at $91.37. A quick look at the market, the company’s stock traded between $91.36 and $92.65 with the price of the stock fluctuating between $71.27 to $100.56 over the last 52 weeks. ADBE shares are currently priced at 31.77x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 2.21x earnings multiple for the same period. In a review of the consensus earnings estimate this quarter, 23 sell-side analysts are looking at $0.72 per share, which would be $0.18 better than the year-ago quarter and a $0.01 sequential increase. The full-year EPS estimate is $2.86, which would be a $0.78 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $1.45 Billion. If realized, that would be a 18.85% increase over the year-ago quarter. In terms of ratings, Canaccord Genuity Initiated ADBE at Buy (Mar 31, 2016). Previously, Dougherty & Company Initiated ADBE at to Buy. Given all the information above, we should disclose to readers that the average price target is $111.73, which is 22.28% above than it opened this morning. See more in (NASDAQ:ADBE) Similar Articles: Market Update: Adobe Systems Inc (NASDAQ:ADBE) – Adobe Stock Is Sky-High, but Is It a Buy? Market Update: Adobe Systems Inc (NASDAQ:ADBE) – [$$] Adobe Stock Seen With Upside to $110 Market Update (NASDAQ:ADBE): More Squawk From Jim Cramer: ‘I Think Adobe (ADBE) Stock Goes to $100’