JMP Securities Reaffirms Outperform Rating for Adobe Systems Incorporated (ADBE)

JMP Securities reaffirmed their outperform rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report released on Wednesday. The brokerage currently has a $138.00 price target on the software company’s stock.

Other analysts have also recently issued research reports about the stock. Cowen and Company reissued an outperform rating and set a $145.00 target price (up previously from $140.00) on shares of Adobe Systems in a research note on Friday, March 17th. Wunderlich raised shares of Adobe Systems from a hold rating to a buy rating and boosted their target price for the stock from $115.00 to $145.00 in a research note on Friday, March 17th. They noted that the move was a valuation call. Royal Bank of Canada boosted their target price on shares of Adobe Systems from $130.00 to $135.00 and gave the stock an outperform rating in a research note on Friday, March 17th. Vetr raised shares of Adobe Systems from a hold rating to a buy rating and set a $136.50 target price for the company in a research note on Tuesday, March 21st. Finally, Piper Jaffray Companies reissued an overweight rating and set a $160.00 target price on shares of Adobe Systems in a research note on Wednesday, March 22nd. Five investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $129.44.

Shares of Adobe Systems (NASDAQ:ADBE) opened at 127.70 on Wednesday. Adobe Systems has a 52-week low of $90.35 and a 52-week high of $130.30. The stock has a market capitalization of $63.16 billion, a price-to-earnings ratio of 48.76 and a beta of 1.06. The company has a 50-day moving average of $120.25 and a 200-day moving average of $109.86.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. The business earned $1.68 billion during the quarter, compared to analysts’ expectations of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The company’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 earnings per share. Equities research analysts anticipate that Adobe Systems will post $3.94 EPS for the current year.

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In other Adobe Systems news, CFO Mark Garrett sold 45,199 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 6,339 shares of the company’s stock, valued at approximately $723,406.68. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Charles M. Geschke sold 48,100 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were 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. Over the last ninety days, insiders have sold 458,673 shares of company stock worth $52,285,286. 0.43% of the stock is owned by insiders.

Several large investors have recently made changes to their positions in ADBE. Smithfield Trust Co. increased its position in Adobe Systems by 465.6% in the third quarter. Smithfield Trust Co. now owns 1,018 shares of the software company’s stock worth $110,000 after buying an additional 838 shares during the period. TCI Wealth Advisors Inc. increased its position 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 worth $120,000 after buying an additional 110 shares during the period. Clean Yield Group increased its position in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock worth $123,000 after buying an additional 280 shares during the period. Kernodle & Katon Asset Management Group LLC increased its position 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 worth $131,000 after buying an additional 495 shares during the period. Finally, Sowell Financial Services LLC bought a new position in Adobe Systems during the fourth quarter worth approximately $148,000. 87.25% of the stock is currently owned by institutional investors.

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.

5 Day Chart for NASDAQ:ADBE

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