Adobe Systems Inc. (NASDAQ:ADBE) had its target price raised by Royal Bank Of Canada from $115.00 to $116.00 in a research report released on Wednesday morning. They currently have an outperform rating on the software company’s stock.
Several other equities analysts have also recently commented on ADBE. Credit Suisse Group AG raised their price target on shares of Adobe Systems from $65.00 to $70.00 and gave the company a neutral rating in a research report on Wednesday, June 1st. Vetr cut shares of Adobe Systems from a strong-buy rating to a buy rating and set a $109.00 price target for the company. in a research report on Tuesday, May 24th. Goldman Sachs Group Inc. reissued a neutral rating and issued a $105.00 price target (up previously from $100.00) on shares of Adobe Systems in a research report on Wednesday, June 22nd. Piper Jaffray Cos. started coverage on shares of Adobe Systems in a research report on Monday, July 25th. They issued an overweight rating and a $125.00 price target for the company. Finally, Rosenblatt Securities reissued a buy rating and issued a $112.00 price target on shares of Adobe Systems in a research report on Monday, June 13th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have assigned a buy rating to the stock. Adobe Systems currently has an average rating of Buy and an average price target of $110.73.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 107.26 on Wednesday. The stock has a market capitalization of $53.48 billion, a price-to-earnings ratio of 54.72 and a beta of 1.24. The stock’s 50 day moving average is $101.63 and its 200-day moving average is $97.16. Adobe Systems has a one year low of $71.27 and a one year high of $108.50.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. The firm earned $1.46 billion during the quarter. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.54 EPS. On average, equities research analysts predict that Adobe Systems will post $2.97 EPS for the current fiscal year.
In other Adobe Systems news, EVP Bradley Rencher sold 37,562 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $95.46, for a total value of $3,585,668.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James E. Daley sold 6,276 shares of the company’s stock in a transaction dated Thursday, September 22nd. The shares were sold at an average price of $108.00, for a total transaction of $677,808.00. Following the completion of the sale, the director now directly owns 34,362 shares in the company, valued at approximately $3,711,096. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Brown Advisory Inc. increased its stake in shares of Adobe Systems by 16,033.1% in the second quarter. Brown Advisory Inc. now owns 3,828,878 shares of the software company’s stock valued at $366,768,000 after buying an additional 3,805,145 shares during the period. FMR LLC increased its stake in shares of Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock valued at $3,481,242,000 after buying an additional 2,249,163 shares during the period. Janus Capital Management LLC increased its stake in shares of Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock valued at $1,279,159,000 after buying an additional 2,215,100 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Adobe Systems by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 17,555,131 shares of the software company’s stock valued at $1,646,671,000 after buying an additional 1,764,349 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Adobe Systems by 46.2% in the first quarter. Wellington Management Group LLP now owns 5,463,118 shares of the software company’s stock valued at $512,441,000 after buying an additional 1,726,306 shares during the period. 87.53% 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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