BMO Capital Markets restated their outperform rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report issued on Friday. BMO Capital Markets currently has a $140.00 price target on the software company’s stock, up from their previous price target of $125.00.
ADBE has been the subject of a number of other research reports. Vetr raised shares of Adobe Systems from a hold rating to a buy rating and set a $122.96 target price for the company in a report on Tuesday, February 14th. Zacks Investment Research lowered shares of Adobe Systems from a buy rating to a hold rating in a report on Tuesday, November 22nd. Canaccord Genuity reaffirmed a buy rating and set a $145.00 target price (up previously from $125.00) on shares of Adobe Systems in a report on Tuesday, March 14th. Royal Bank of Canada upped their target price on shares of Adobe Systems from $115.00 to $125.00 and gave the stock an outperform rating in a report on Wednesday, February 8th. Finally, Pivotal Research reaffirmed a hold rating and set a $104.00 target price (down previously from $136.00) on shares of Adobe Systems in a report on Thursday, January 12th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company’s stock. Adobe Systems has an average rating of Buy and a consensus target price of $125.71.
Adobe Systems (NASDAQ:ADBE) traded up 3.21% on Friday, reaching $126.28. 10,912,286 shares of the company traded hands. The stock has a 50 day moving average of $118.41 and a 200-day moving average of $109.05. Adobe Systems has a 1-year low of $90.35 and a 1-year high of $130.30. The stock has a market capitalization of $62.39 billion, a price-to-earnings ratio of 54.43 and a beta of 1.06.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, March 16th. The software company reported $0.94 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.87 by $0.07. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The business earned $1.68 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Systems will post $3.94 EPS for the current year.
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In other news, Chairman Charles M. Geschke sold 23,100 shares of the stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $108.52, for a total transaction of $2,506,812.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Charles M. Geschke sold 48,100 shares of the stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $104.03, for a total transaction of $5,003,843.00. The disclosure for this sale can be found here. Insiders have sold 396,890 shares of company stock worth $44,505,838 in the last three months. Corporate insiders own 0.43% of the company’s stock.
Several hedge funds have recently modified their holdings of ADBE. Orrstown Financial Services Inc. acquired a new stake in shares of Adobe Systems during the third quarter valued at about $1,254,000. Canandaigua National Bank & Trust Co. boosted its stake in shares of Adobe Systems by 3.6% in the third quarter. Canandaigua National Bank & Trust Co. now owns 2,558 shares of the software company’s stock valued at $278,000 after buying an additional 88 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Adobe Systems by 0.3% in the third quarter. Nisa Investment Advisors LLC now owns 193,912 shares of the software company’s stock valued at $21,047,000 after buying an additional 600 shares in the last quarter. Capstone Asset Management Co. boosted its stake in shares of Adobe Systems by 2.2% in the third quarter. Capstone Asset Management Co. now owns 42,545 shares of the software company’s stock valued at $4,618,000 after buying an additional 920 shares in the last quarter. Finally, Atria Investments LLC boosted its stake in shares of Adobe Systems by 66.1% in the third quarter. Atria Investments LLC now owns 4,778 shares of the software company’s stock valued at $519,000 after buying an additional 1,901 shares in the last quarter. 87.25% 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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