Adobe Systems Incorporated (NASDAQ:ADBE) was upgraded by research analysts at Vetr from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm currently has a $136.50 target price on the software company’s stock. Vetr‘s price objective would suggest a potential upside of 8.07% from the company’s previous close.
ADBE has been the topic of several other research reports. Zacks Investment Research lowered 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 set a $145.00 price target (up previously from $125.00) on shares of Adobe Systems in a research note on Tuesday, March 14th. Royal Bank of Canada raised their price target on Adobe Systems from $115.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, February 8th. BMO Capital Markets initiated coverage on Adobe Systems in a research note on Thursday, January 5th. They set an “outperform” rating and a $125.00 price target on the stock. Finally, Pivotal Research restated a “hold” rating and set a $104.00 price target (down previously from $136.00) on shares of Adobe Systems in a research note on Thursday, January 12th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $125.90.
Adobe Systems (NASDAQ:ADBE) opened at 126.31 on Tuesday. Adobe Systems has a 1-year low of $90.35 and a 1-year high of $130.30. The firm’s 50-day moving average is $118.41 and its 200 day moving average is $109.05. The company has a market cap of $62.41 billion, a PE ratio of 54.44 and a beta of 1.06.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.87 by $0.07. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The business’s revenue for the quarter was up 21.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.66 earnings per share. Analysts predict that Adobe Systems will post $3.94 earnings per share for the current fiscal year.
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In related news, CFO Mark Garrett sold 45,199 shares of Adobe Systems stock in a transaction dated 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 sale, the chief financial officer now owns 6,339 shares of the company’s stock, valued at $723,406.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert K. Burgess sold 25,000 shares of Adobe Systems stock in a transaction dated Thursday, February 2nd. The stock was sold at an average price of $113.19, for a total value of $2,829,750.00. 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 ninety days. Corporate insiders own 0.43% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Adobe Systems during the fourth quarter worth approximately $411,108,000. Russell Investments Group Ltd. purchased a new stake in Adobe Systems during the fourth quarter worth approximately $111,084,000. BlackRock Institutional Trust Company N.A. increased its stake in Adobe Systems by 7.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 14,229,808 shares of the software company’s stock worth $1,544,503,000 after buying an additional 1,033,724 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in Adobe Systems during the third quarter worth approximately $93,476,000. Finally, Asset Management One Co. Ltd. increased its stake in Adobe Systems by 837.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 908,431 shares of the software company’s stock worth $93,575,000 after buying an additional 811,490 shares during the period. 87.25% of the stock is owned by hedge funds and other institutional investors.
About Adobe Systems
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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