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Software giant Adobe (ADBE - Free Report) is set to report fiscal Q3 results on Thursday after the closing bell. Adobe, a Zacks Rank #4 (Sell), has exceeded the earnings mark in each of the last four quarters. But given the recent market volatility, is ADBE a buy prior to the release?
Analysts are expecting the company to post a profit of $3.33/share, reflecting growth of 7.07% versus the same quarter last year. Sales are projected to have risen 12.6% to $4.43 billion during the third quarter. ADBE has averaged a 1.68% average positive earnings surprise over the past four quarters.
ADBE is part of the Zacks Computer – Software industry, which ranks in the bottom 38% out of approximately 250 industry groups. Shares of ADBE have fallen nearly 35% since the beginning of the year. The stock is still overvalued relative to its industry group despite the price decline. Investors would be wise to exercise caution ahead of the Q3 announcement.
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Get the latest research report on ADBE - FREE