Adobe Systems Incorporated (NASDAQ:ADBE) had its price target raised by Goldman Sachs Group Inc from $121.00 to $124.00 in a report published on Friday. They currently have a neutral rating on the software company’s stock.
A number of other brokerages also recently issued reports on ADBE. Vetr raised shares of Adobe Systems from a hold rating to a buy rating and set a $117.99 price target on the stock in a report on Monday, January 30th. Dougherty & Co reissued a buy rating and set a $130.00 price target (up from $122.00) on shares of Adobe Systems in a report on Saturday, December 17th. Pivotal Research reissued a hold rating and set a $104.00 price target (down from $136.00) on shares of Adobe Systems in a report on Thursday, January 12th. Zacks Investment Research downgraded shares of Adobe Systems from a hold rating to a sell rating in a report on Friday, December 2nd. Finally, Robert W. Baird began coverage on shares of Adobe Systems in a report on Tuesday, February 28th. They set an outperform rating and a $130.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus target price of $125.71.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.86% during mid-day trading on Friday, reaching $125.92. 2,290,873 shares of the company’s stock were exchanged. The stock has a market capitalization of $62.21 billion, a PE ratio of 54.28 and a beta of 1.06. Adobe Systems has a 1-year low of $90.35 and a 1-year high of $130.30. The company’s 50 day moving average is $118.41 and its 200 day moving average is $109.05.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 16th. The software company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. The firm had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The business’s quarterly revenue was up 21.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.66 earnings per share. Equities research analysts anticipate that Adobe Systems will post $3.94 EPS for the current fiscal year.
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In other news, CFO Mark Garrett sold 45,199 shares of the firm’s stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $114.12, for a total value of $5,158,109.88. Following the transaction, the chief financial officer now directly owns 6,339 shares of the company’s stock, valued at $723,406.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Richard Rowley sold 1,348 shares of the firm’s stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $108.13, for a total transaction of $145,759.24. The disclosure for this sale can be found here. Over the last three months, insiders sold 396,890 shares of company stock worth $44,505,838. Insiders own 0.43% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the company. Smithfield Trust Co. boosted its stake in Adobe Systems by 465.6% in the third quarter. Smithfield Trust Co. now owns 1,018 shares of the software company’s stock valued at $110,000 after buying an additional 838 shares during the last quarter. TCI Wealth Advisors Inc. boosted its stake in Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock valued at $120,000 after buying an additional 110 shares during the last quarter. Clean Yield Group boosted its stake in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock valued at $123,000 after buying an additional 280 shares during the last quarter. Kernodle & Katon Asset Management Group LLC boosted its stake in Adobe Systems by 69.8% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,204 shares of the software company’s stock valued at $131,000 after buying an additional 495 shares during the last quarter. Finally, Sowell Financial Services LLC purchased a new stake in Adobe Systems during the fourth quarter valued at about $148,000. Hedge funds and other institutional investors own 87.25% 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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