Vetr lowered shares of Adobe Systems Inc. (NASDAQ:ADBE) from a hold rating to a sell rating in a research note released on Monday. Vetr currently has $105.68 price objective on the software company’s stock.
A number of other analysts have also commented on ADBE. Goldman Sachs Group Inc. reissued a neutral rating and set a $105.00 price objective (up from $100.00) on shares of Adobe Systems in a report on Wednesday, June 22nd. Royal Bank Of Canada reissued an outperform rating and set a $104.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Piper Jaffray Cos. began coverage on Adobe Systems in a report on Monday, July 25th. They set an overweight rating and a $125.00 price objective for the company. Rosenblatt Securities reissued a buy rating and set a $112.00 price objective on shares of Adobe Systems in a report on Monday, June 13th. Finally, Zacks Investment Research raised Adobe Systems from a hold rating to a buy rating and set a $103.00 target price for the company in a report on Monday, June 27th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $111.37.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 108.05 on Monday. The firm has a market capitalization of $53.73 billion, a PE ratio of 55.13 and a beta of 1.27. The company’s 50-day moving average price is $104.46 and its 200 day moving average price is $98.64. Adobe Systems has a 12-month low of $71.27 and a 12-month high of $110.13.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 earnings per share. On average, equities analysts forecast that Adobe Systems will post $2.97 earnings per share for the current year.
In other news, CFO Mark Garrett sold 26,899 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total transaction of $2,783,239.53. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Michael A. Dillon sold 5,450 shares of the firm’s stock in a transaction dated Monday, August 29th. The shares were sold at an average price of $101.85, for a total value of $555,082.50. Following the transaction, the executive vice president now directly owns 44,324 shares in the company, valued at $4,514,399.40. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
Several hedge funds have recently bought and sold shares of the company. BB&T Securities LLC boosted its stake in Adobe Systems by 126.8% in the second quarter. BB&T Securities LLC now owns 12,934 shares of the software company’s stock valued at $1,238,000 after buying an additional 7,231 shares during the last quarter. Norinchukin Bank The boosted its stake in Adobe Systems by 2.6% in the second quarter. Norinchukin Bank The now owns 26,236 shares of the software company’s stock valued at $2,513,000 after buying an additional 660 shares during the last quarter. National Pension Service boosted its stake in Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock valued at $25,627,000 after buying an additional 11,220 shares during the last quarter. Atalanta Sosnoff Capital LLC boosted its stake in Adobe Systems by 53.5% in the second quarter. Atalanta Sosnoff Capital LLC now owns 220,831 shares of the software company’s stock valued at $21,153,000 after buying an additional 76,988 shares during the last quarter. Finally, AMP Capital Investors Ltd boosted its stake in Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock valued at $30,786,000 after buying an additional 45,577 shares during the last quarter. 87.72% of the stock is currently 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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