Adobe Systems Inc. (NASDAQ:ADBE) – Equities researchers at Oppenheimer Holdings upped their FY2016 earnings per share estimates for Adobe Systems in a note issued to investors on Wednesday. Oppenheimer Holdings analyst B. Schwartz now expects that the firm will post earnings per share of $2.41 for the year, up from their prior forecast of $2.30. Oppenheimer Holdings has a “Market Perform” rating on the stock. Oppenheimer Holdings also issued estimates for Adobe Systems’ Q4 2016 earnings at $0.71 EPS, Q2 2017 earnings at $0.76 EPS, Q4 2017 earnings at $0.88 EPS and FY2017 earnings at $3.18 EPS.
Several other equities research analysts have also recently commented on the stock. Vetr cut shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price target on the stock. in a research report on Tuesday, July 5th. Stephens started coverage on shares of Adobe Systems in a research report on Wednesday, August 10th. They issued an “overweight” rating and a $125.00 price target on the stock. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Thursday. Cowen and Company boosted their price target on shares of Adobe Systems to $115.00 and gave the stock an “outperform” rating in a research report on Friday, September 16th. Finally, Barclays PLC boosted their price target on shares of Adobe Systems to $75.00 in a research report on Tuesday, June 7th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $110.73.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 107.47 on Friday. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $108.50. The company has a 50 day moving average of $101.40 and a 200 day moving average of $96.82. The firm has a market capitalization of $53.58 billion, a PE ratio of 54.83 and a beta of 1.24.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The business had revenue of $1.46 billion for the quarter. During the same period in the prior year, the business posted $0.54 earnings per share. Adobe Systems’s revenue was up 20.2% on a year-over-year basis.
In other Adobe Systems news, Chairman John E. Warnock sold 4,000 shares of the stock in a transaction on Thursday, June 30th. The stock was sold at an average price of $95.15, for a total transaction of $380,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director James E. Daley sold 6,276 shares of the stock in a transaction 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 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.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in 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 in the last quarter. Vanguard Group Inc. raised its position in Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock valued at $2,953,789,000 after buying an additional 1,325,228 shares in the last quarter. JPMorgan Chase & Co. raised its position in 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 in the last quarter. Bank of New York Mellon Corp raised its position in Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock valued at $1,490,013,000 after buying an additional 211,475 shares in the last quarter. Finally, Janus Capital Management LLC raised its position in 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 in the last quarter. Hedge funds and other institutional investors own 87.53% of the company’s stock.
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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