Adobe Systems Incorporated (NASDAQ:ADBE) had its target price upped by research analysts at Goldman Sachs Group Inc from $121.00 to $124.00 in a research note issued on Friday. The firm presently has a “neutral” rating on the software company’s stock. Goldman Sachs Group Inc’s target price indicates a potential downside of 1.83% from the company’s current price.
Several other equities research analysts have also recently issued reports on ADBE. Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a report on Tuesday, November 22nd. BTIG Research reiterated a “neutral” rating on shares of Adobe Systems in a report on Tuesday, December 6th. Cowen and Company set a $120.00 price objective on Adobe Systems and gave the stock a “buy” rating in a report on Wednesday, December 7th. Wunderlich reiterated a “hold” rating and issued a $115.00 price objective on shares of Adobe Systems in a report on Friday, December 16th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and issued a $124.00 price objective on shares of Adobe Systems in a report on Friday, December 16th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $125.90.
Adobe Systems (NASDAQ:ADBE) opened at 126.31 on Friday. Adobe Systems has a 1-year low of $90.35 and a 1-year high of $130.30. The stock’s 50 day moving average price is $118.41 and its 200-day moving average price 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 posted its quarterly earnings data on Thursday, March 16th. The software company reported $0.94 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.87 by $0.07. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The company had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the firm posted $0.66 EPS. Adobe Systems’s revenue was up 21.6% compared to the same quarter last year. On average, analysts forecast that Adobe Systems will post $3.94 earnings per share for the current year.
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In other news, insider Shantanu Narayen sold 173,703 shares of Adobe Systems stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $113.91, for a total transaction of $19,786,508.73. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Charles M. Geschke sold 48,100 shares of Adobe Systems stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $104.03, for a total transaction of $5,003,843.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 396,890 shares of company stock worth $44,505,838. Corporate insiders own 0.43% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ADBE. IFP Advisors Inc raised its stake in shares of Adobe Systems by 10.9% in the second quarter. IFP Advisors Inc now owns 3,212 shares of the software company’s stock worth $308,000 after buying an additional 316 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Adobe Systems by 96.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,110 shares of the software company’s stock worth $777,000 after buying an additional 3,983 shares during the last quarter. First Mercantile Trust Co. raised its stake in shares of Adobe Systems by 15.2% in the third quarter. First Mercantile Trust Co. now owns 11,400 shares of the software company’s stock worth $1,231,000 after buying an additional 1,500 shares during the last quarter. Conestoga Capital Advisors LLC purchased a new stake in shares of Adobe Systems during the third quarter worth about $220,000. Finally, Gradient Investments LLC raised its stake in shares of Adobe Systems by 4.0% in the third quarter. Gradient Investments LLC now owns 3,269 shares of the software company’s stock worth $355,000 after buying an additional 127 shares during the last quarter. 87.25% of the stock is currently 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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