Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating reiterated by research analysts at Barclays PLC in a report released on Friday. They presently have a $167.00 price objective on the software company’s stock. Barclays PLC’s price objective points to a potential upside of 8.10% from the stock’s current price.
ADBE has been the topic of several other reports. Bank of America Corporation reiterated a “buy” rating and issued a $184.00 target price (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Robert W. Baird reiterated a “buy” rating and issued a $160.00 target price on shares of Adobe Systems in a research note on Friday, September 1st. Pivotal Research cut shares of Adobe Systems from a “hold” rating to a “sell” rating and increased their target price for the stock from $109.00 to $112.00 in a research note on Monday, June 12th. Zacks Investment Research cut shares of Adobe Systems from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Vetr upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $150.30 target price on the stock in a research note on Wednesday, September 6th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and a consensus price target of $154.08.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.30% on Friday, hitting $154.49. 3,012,822 shares of the stock traded hands. The stock has a 50 day moving average price of $151.06 and a 200-day moving average price of $139.34. The stock has a market cap of $76.23 billion, a price-to-earnings ratio of 53.81 and a beta of 1.00. Adobe Systems has a 52 week low of $98.00 and a 52 week high of $157.89.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 prior year, the company posted $0.71 EPS. The business’s revenue for the quarter was up 26.7% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Systems will post $4.06 EPS for the current year.
In other news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,959 shares of company stock valued at $14,870,874. Corporate insiders own 0.38% of the company’s stock.
Large investors have recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its position in shares of Adobe Systems by 7.0% in the 1st quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock worth $693,890,000 after purchasing an additional 349,088 shares during the period. Morgan Stanley lifted its position in shares of Adobe Systems by 52.2% in the 1st quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock worth $211,367,000 after purchasing an additional 557,169 shares during the period. Gofen & Glossberg LLC IL lifted its position in shares of Adobe Systems by 2.7% in the 1st quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock worth $3,376,000 after purchasing an additional 673 shares during the period. Israel Discount Bank of New York purchased a new stake in shares of Adobe Systems in the 1st quarter worth about $189,000. Finally, Bridgewater Associates LP purchased a new stake in shares of Adobe Systems in the 1st quarter worth about $11,668,000. 87.53% 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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