Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “equal weight” rating reissued by stock analysts at Morgan Stanley in a research note issued to investors on Friday, June 16th. They presently have a $137.00 price objective on the software company’s stock. Morgan Stanley’s price target indicates a potential downside of 6.27% from the stock’s previous close.
A number of other equities research analysts have also recently issued reports on the stock. Barclays PLC initiated coverage on shares of Adobe Systems in a report on Tuesday, May 2nd. They issued an “overweight” rating and a $155.00 price objective for the company. Guggenheim began coverage on shares of Adobe Systems in a report on Wednesday, April 12th. They issued a “buy” rating and a $155.00 price objective for the company. Credit Suisse Group upgraded shares of Adobe Systems from a “neutral” rating to an “outperform” rating and upped their price target for the company from $125.00 to $150.00 in a report on Friday, March 24th. BTIG Research upgraded shares of Adobe Systems from a “neutral” rating to a “buy” rating and set a $151.00 price target for the company in a report on Monday, March 27th. Finally, Royal Bank Of Canada upped their price objective on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research report on Thursday, May 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have issued a buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $153.18.
Shares of Adobe Systems (NASDAQ ADBE) traded up 0.77% during midday trading on Friday, reaching $146.16. The company’s stock had a trading volume of 2,283,792 shares. The company has a market cap of $72.12 billion, a P/E ratio of 50.91 and a beta of 1.00. Adobe Systems has a 12-month low of $94.06 and a 12-month high of $147.45. The stock’s 50-day moving average price is $140.44 and its 200-day moving average price is $124.84.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, beating the consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same period in the previous year, the company posted $0.71 EPS. Adobe Systems’s revenue was up 26.7% on a year-over-year basis. On average, analysts expect that Adobe Systems will post $4.06 EPS for the current fiscal year.
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In related news, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the company’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $135.86, for a total transaction of $303,375.38. Following the transaction, the executive vice president now owns 64,177 shares of the company’s stock, valued at $8,719,087.22. The disclosure for this sale can be found here. Insiders have sold a total of 80,019 shares of company stock valued at $11,527,134 in the last ninety days. 0.38% of the stock is currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the company. Baird Financial Group Inc. raised its stake in Adobe Systems by 47.3% in the fourth quarter. Baird Financial Group Inc. now owns 29,689 shares of the software company’s stock worth $3,056,000 after buying an additional 9,531 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Adobe Systems by 3.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 680,361 shares of the software company’s stock worth $70,047,000 after buying an additional 22,970 shares during the last quarter. Private Advisor Group LLC raised its stake in Adobe Systems by 60.8% in the fourth quarter. Private Advisor Group LLC now owns 13,498 shares of the software company’s stock worth $1,466,000 after buying an additional 5,102 shares during the last quarter. Prudential PLC raised its stake in Adobe Systems by 3.2% in the fourth quarter. Prudential PLC now owns 6,513 shares of the software company’s stock worth $671,000 after buying an additional 200 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its stake in Adobe Systems by 36.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 17,502 shares of the software company’s stock worth $1,802,000 after buying an additional 4,692 shares during the last quarter. Institutional investors and hedge funds own 87.79% 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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