Cowen and Company reissued their outperform rating on shares of Adobe Systems Inc. (NASDAQ:ADBE) in a report published on Tuesday morning. Cowen and Company currently has a $120.00 target price on the software company’s stock.
A number of other equities analysts have also recently issued reports on ADBE. Credit Suisse Group AG boosted their price objective on Adobe Systems from $65.00 to $70.00 and gave the company a neutral rating in a report on Wednesday, June 1st. Goldman Sachs Group Inc. restated a neutral rating and set a $105.00 price objective (up previously from $100.00) on shares of Adobe Systems in a report on Wednesday, June 22nd. Royal Bank Of Canada reiterated an outperform rating and issued a $104.00 target price on shares of Adobe Systems in a report on Wednesday, June 22nd. Piper Jaffray Cos. initiated coverage on Adobe Systems in a report on Monday, July 25th. They issued an overweight rating and a $125.00 target price for the company. Finally, Rosenblatt Securities reiterated a buy rating and issued a $112.00 target price on shares of Adobe Systems in a report on Monday, June 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have given a buy rating to the company. The company has a consensus rating of Buy and a consensus target price of $110.73.
Adobe Systems (NASDAQ:ADBE) opened at 108.54 on Tuesday. The stock’s 50 day moving average price is $102.66 and its 200 day moving average price is $97.65. The company has a market capitalization of $53.97 billion, a P/E ratio of 55.38 and a beta of 1.27. Adobe Systems has a one year low of $71.27 and a one year high of $109.76.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The company earned $1.46 billion during the quarter. During the same quarter in the previous year, the firm earned $0.54 EPS. Adobe Systems’s revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Adobe Systems will post $2.97 EPS for the current fiscal year.
In related news, Chairman John E. Warnock sold 5,000 shares of Adobe Systems stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $106.99, for a total value of $534,950.00. Following the completion of the transaction, the chairman now directly owns 16,088 shares in the company, valued at $1,721,255.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director James E. Daley sold 6,276 shares of Adobe Systems stock in a transaction on Thursday, September 22nd. The shares were sold at an average price of $108.00, for a total value of $677,808.00. Following the completion of the transaction, the director now owns 34,362 shares of the company’s stock, valued at $3,711,096. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. BlackRock Group LTD raised its position in Adobe Systems by 0.8% in the first quarter. BlackRock Group LTD now owns 4,149,783 shares of the software company’s stock worth $389,250,000 after buying an additional 31,678 shares during the period. CLS Investments LLC raised its position in Adobe Systems by 11.4% in the first quarter. CLS Investments LLC now owns 5,035 shares of the software company’s stock worth $472,000 after buying an additional 516 shares during the period. Rehmann Capital Advisory Group raised its position in Adobe Systems by 14.9% in the first quarter. Rehmann Capital Advisory Group now owns 3,548 shares of the software company’s stock worth $333,000 after buying an additional 461 shares during the period. Prudential Financial Inc. raised its position in Adobe Systems by 62.1% in the first quarter. Prudential Financial Inc. now owns 994,860 shares of the software company’s stock worth $93,318,000 after buying an additional 381,280 shares during the period. Finally, Stratos Wealth Partners LTD. raised its position in Adobe Systems by 6.7% in the first quarter. Stratos Wealth Partners LTD. now owns 10,032 shares of the software company’s stock worth $941,000 after buying an additional 633 shares during the period. Hedge funds and other institutional investors own 87.53% of the company’s stock.
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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