Adobe Systems Inc. (NASDAQ:ADBE) had its target price upped by Morgan Stanley from $100.00 to $110.00 in a report released on Wednesday morning. The firm currently has an equal weight rating on the software company’s stock.
ADBE has been the subject of several other reports. Zacks Investment Research downgraded Adobe Systems from a buy rating to a hold rating in a research note on Tuesday, May 24th. Vetr upgraded Adobe Systems from a sell rating to a hold rating and set a $92.54 target price for the company in a research note on Thursday, August 25th. Stephens assumed coverage on Adobe Systems in a research note on Wednesday, August 10th. They set an overweight rating and a $125.00 target price for the company. Credit Suisse Group AG reiterated a neutral rating and set a $105.00 target price on shares of Adobe Systems in a research note on Wednesday, September 21st. Finally, Cowen and Company lifted their target price on Adobe Systems to $115.00 and gave the stock an outperform rating in a research note on Friday, September 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have issued a buy rating to the stock. Adobe Systems presently has an average rating of Buy and a consensus target price of $110.73.
Adobe Systems (NASDAQ:ADBE) opened at 107.26 on Wednesday. The firm’s 50-day moving average price is $101.63 and its 200 day moving average price is $97.16. Adobe Systems has a 1-year low of $71.27 and a 1-year high of $108.50. The firm has a market capitalization of $53.48 billion, a price-to-earnings ratio of 54.72 and a beta of 1.24.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The firm earned $1.46 billion during the quarter. During the same quarter in the prior year, the business earned $0.54 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts predict that Adobe Systems will post $2.97 EPS for the current year.
In related news, EVP Bradley Rencher sold 37,562 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $95.46, for a total transaction of $3,585,668.52. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director James E. Daley sold 6,276 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The stock was sold at an average price of $108.00, for a total value of $677,808.00. Following the transaction, the director now directly owns 34,362 shares in the company, valued at $3,711,096. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. WFG Advisors LP increased its position in Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock worth $110,000 after buying an additional 246 shares during the period. Advisory Services Network LLC increased its stake in shares of Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock valued at $118,000 after buying an additional 147 shares during the period. Integrated Investment Consultants LLC increased its stake in shares of Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock valued at $128,000 after buying an additional 935 shares during the period. NEXT Financial Group Inc increased its stake in shares of Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock valued at $137,000 after buying an additional 523 shares during the period. Finally, Cypress Capital Management LLC WY bought a new stake in shares of Adobe Systems during the second quarter valued at approximately $142,000. 87.53% of the stock is currently owned by institutional investors and hedge funds.
Adobe Systems Company Profile
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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