Cowen and Company Reiterates Outperform Rating for Adobe Systems Incorporated (ADBE)

Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “outperform” rating restated by equities research analysts at Cowen and Company in a report issued on Friday. They currently have a $145.00 target price on the software company’s stock, up from their prior target price of $140.00. Cowen and Company’s target price indicates a potential upside of 14.80% from the stock’s current price.

Several other brokerages have also commented on ADBE. Wunderlich upgraded Adobe Systems from a “hold” rating to a “buy” rating and increased their price objective for the company from $115.00 to $145.00 in a research report on Friday. They noted that the move was a valuation call. Royal Bank of Canada increased their price objective on Adobe Systems from $130.00 to $135.00 and gave the company an “outperform” rating in a research report on Friday. BMO Capital Markets reiterated an “outperform” rating and set a $140.00 price objective (up from $125.00) on shares of Adobe Systems in a research report on Friday. Vetr upgraded Adobe Systems from a “hold” rating to a “buy” rating and set a $125.31 price objective on the stock in a research report on Tuesday, February 28th. Finally, JPMorgan Chase & Co. reiterated an “overweight” rating and set a $124.00 price objective on shares of Adobe Systems in a research 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. Adobe Systems has an average rating of “Buy” and a consensus target price of $125.90.

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

Adobe Systems (NASDAQ:ADBE) opened at 126.31 on Friday. The firm has a market capitalization of $62.41 billion, a price-to-earnings ratio of 54.44 and a beta of 1.06. The firm has a 50-day moving average price of $118.41 and a 200 day moving average price of $109.05. Adobe Systems has a 52 week low of $90.35 and a 52 week high of $130.30.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 earnings per share for the quarter, beating the 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 firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm posted $0.66 EPS. The company’s revenue was up 21.6% compared to the same quarter last year. On average, equities research analysts forecast 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 the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 6,339 shares in the company, valued at approximately $723,406.68. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Charles M. Geschke sold 48,100 shares of the firm’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $104.03, for a total value of $5,003,843.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 396,890 shares of company stock worth $44,505,838. 0.43% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of ADBE. Smithfield Trust Co. boosted its stake in Adobe Systems by 465.6% in the third quarter. Smithfield Trust Co. now owns 1,018 shares of the software company’s stock valued at $110,000 after buying an additional 838 shares during the period. TCI Wealth Advisors Inc. boosted its stake in Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock valued at $120,000 after buying an additional 110 shares during the period. Clean Yield Group boosted its stake in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock valued at $123,000 after buying an additional 280 shares during the period. Kernodle & Katon Asset Management Group LLC boosted its stake in Adobe Systems by 69.8% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,204 shares of the software company’s stock valued at $131,000 after buying an additional 495 shares during the period. Finally, Sowell Financial Services LLC acquired a new stake in Adobe Systems during the fourth quarter valued at $148,000. Institutional investors and hedge funds own 87.25% of the company’s stock.

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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