Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by equities research analysts at Cowen and Company in a research report issued on Wednesday. They presently have a $165.00 target price on the software company’s stock, up from their prior target price of $160.00. Cowen and Company’s target price would indicate a potential upside of 10.03% from the stock’s current price.
Several other analysts also recently weighed in on the company. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Adobe Systems in a research note on Wednesday. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Adobe Systems in a research note on Wednesday. Stifel Nicolaus reaffirmed a “buy” rating and set a $163.00 target price on shares of Adobe Systems in a research note on Wednesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $180.00 target price on shares of Adobe Systems in a research note on Wednesday. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $180.00 target price (up previously from $175.00) on shares of Adobe Systems in a research note on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $154.91.
Adobe Systems (NASDAQ:ADBE) traded down 4.24% on Wednesday, hitting $149.96. 9,180,181 shares of the stock were exchanged. The stock’s 50 day moving average price is $151.61 and its 200 day moving average price is $140.16. The firm has a market cap of $73.99 billion, a PE ratio of 52.23 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 also was the recipient of some unusual options trading on Monday. Investors acquired 14,327 call options on the stock. This is an increase of approximately 408% compared to the typical daily volume of 2,821 call options.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.75 EPS. Equities research analysts forecast that Adobe Systems will post $4.06 earnings per share for the current year.
In related news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the sale, the executive vice president now owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,959 shares of company stock valued at $14,870,874. Insiders own 0.38% of the company’s stock.
Several large investors have recently made changes to their positions in the business. Bogart Wealth LLC acquired a new stake in shares of Adobe Systems in the second quarter worth about $204,000. W. E. Donoghue & Co. LLC acquired a new stake in shares of Adobe Systems in the second quarter worth about $2,318,000. Intl Fcstone Inc. acquired a new stake in shares of Adobe Systems in the second quarter worth about $305,000. USA Financial Portformulas Corp acquired a new stake in shares of Adobe Systems in the second quarter worth about $6,210,000. Finally, WFG Advisors LP lifted its position in shares of Adobe Systems by 5.9% in the second quarter. WFG Advisors LP now owns 1,338 shares of the software company’s stock worth $189,000 after buying an additional 75 shares during the last quarter. 87.40% of the stock is owned by 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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