Adobe Systems (NASDAQ:ADBE) had its target price hoisted by Barclays to $297.00 in a research report report published on Wednesday, The Fly reports. They currently have an overweight rating on the software company’s stock.
ADBE has been the topic of a number of other research reports. Royal Bank of Canada lifted their price target on Adobe Systems to $268.00 and gave the stock an outperform rating in a research note on Monday, June 11th. They noted that the move was a valuation call. Guggenheim began coverage on Adobe Systems in a research report on Tuesday, August 7th. They set a neutral rating and a $275.00 price objective for the company. Morgan Stanley raised their price objective on Adobe Systems from $235.00 to $250.00 and gave the stock an equal weight rating in a research report on Friday, June 15th. Canaccord Genuity restated a buy rating and set a $280.00 price objective (up from $245.00) on shares of Adobe Systems in a research report on Friday, June 15th. Finally, Zacks Investment Research upgraded Adobe Systems from a hold rating to a buy rating and set a $267.00 price objective for the company in a research report on Tuesday, May 15th. Nine analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $258.41.
NASDAQ:ADBE opened at $274.69 on Wednesday. The stock has a market cap of $131.13 billion, a P/E ratio of 76.52, a PEG ratio of 2.91 and a beta of 1.11. Adobe Systems has a 52-week low of $143.95 and a 52-week high of $277.61. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22.
Adobe Systems declared that its Board of Directors has authorized a share buyback plan on Monday, May 21st that authorizes the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 6.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
In related news, Director Charles M. Geschke sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, June 18th. The stock was sold at an average price of $255.19, for a total value of $1,531,140.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Abhay Parasnis sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The disclosure for this sale can be found here. Insiders sold a total of 25,324 shares of company stock worth $6,511,829 over the last three months. 0.33% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. raised its stake in shares of Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after acquiring an additional 1,185,325 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Adobe Systems by 2.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock valued at $1,740,637,000 after acquiring an additional 141,525 shares in the last quarter. Polen Capital Management LLC raised its stake in shares of Adobe Systems by 1.6% in the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock valued at $1,396,198,000 after acquiring an additional 99,181 shares in the last quarter. Morgan Stanley raised its stake in shares of Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after acquiring an additional 1,515,736 shares in the last quarter. Finally, Edgewood Management LLC bought a new position in shares of Adobe Systems in the 2nd quarter valued at approximately $565,496,000. 84.85% of the stock is currently owned by institutional investors and hedge funds.
Adobe Systems Company Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
See Also: Diversification
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