Adobe Systems Incorporated (NASDAQ:ADBE) had its price target lifted by Pivotal Research from $104.00 to $109.00 in a report published on Friday. Pivotal Research currently has a hold rating on the software company’s stock.
ADBE has been the topic of a number of other reports. Vetr upgraded shares of Adobe Systems from a hold rating to a buy rating and set a $122.96 target price on the stock in a research note on Tuesday, February 14th. Zacks Investment Research downgraded shares of Adobe Systems from a buy rating to a hold rating in a research note on Tuesday, November 22nd. Canaccord Genuity restated a buy rating and issued a $145.00 target price (up from $125.00) on shares of Adobe Systems in a research note on Tuesday, March 14th. Royal Bank of Canada upped their target price on shares of Adobe Systems from $115.00 to $125.00 and gave the stock an outperform rating in a research note on Wednesday, February 8th. Finally, BMO Capital Markets initiated coverage on shares of Adobe Systems in a research note on Thursday, January 5th. They issued an outperform rating and a $125.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $125.71.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.86% during midday trading on Friday, hitting $125.92. 2,291,250 shares of the company traded hands. The stock has a market capitalization of $62.21 billion, a P/E ratio of 54.28 and a beta of 1.06. Adobe Systems has a 52 week low of $90.35 and a 52 week high of $130.30. The company has a 50-day moving average price of $118.41 and a 200-day moving average price of $109.05.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The business had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.66 EPS. Analysts anticipate that Adobe Systems will post $3.94 earnings per share for the current fiscal year.
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In other Adobe Systems news, insider Shantanu Narayen sold 173,703 shares of the firm’s stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $113.91, for a total value of $19,786,508.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Garrett sold 45,199 shares of the firm’s stock in a transaction on Monday, February 6th. The stock was sold at an average price of $114.12, for a total transaction of $5,158,109.88. Following the completion of the transaction, the chief financial officer now directly owns 6,339 shares of the company’s stock, valued at approximately $723,406.68. The disclosure for this sale can be found here. Insiders have sold 396,890 shares of company stock valued at $44,505,838 in the last three months. 0.43% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Savant Capital LLC boosted its position in Adobe Systems by 0.3% in the third quarter. Savant Capital LLC now owns 3,455 shares of the software company’s stock worth $375,000 after buying an additional 10 shares in the last quarter. Bailard Inc. boosted its position in Adobe Systems by 0.9% in the third quarter. Bailard Inc. now owns 2,228 shares of the software company’s stock worth $242,000 after buying an additional 20 shares in the last quarter. Private Trust Co. NA boosted its position in Adobe Systems by 0.3% in the third quarter. Private Trust Co. NA now owns 7,667 shares of the software company’s stock worth $832,000 after buying an additional 24 shares in the last quarter. HBK Sorce Advisory LLC boosted its position in Adobe Systems by 0.5% in the third quarter. HBK Sorce Advisory LLC now owns 4,788 shares of the software company’s stock worth $520,000 after buying an additional 25 shares in the last quarter. Finally, Alpha Windward LLC boosted its position in Adobe Systems by 2.4% in the third quarter. Alpha Windward LLC now owns 1,605 shares of the software company’s stock worth $174,000 after buying an additional 38 shares in the last quarter. 87.25% of the stock is owned by institutional investors and hedge funds.
Adobe Systems Company Profile
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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