Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating reissued by analysts at Canaccord Genuity in a report issued on Thursday. They presently have a $185.00 price target on the software company’s stock, up from their prior price target of $170.00. Canaccord Genuity’s price target indicates a potential upside of 20.92% from the company’s current price.
Several other equities analysts also recently weighed in on the company. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. BMO Capital Markets reiterated an “outperform” rating and set a $165.00 target price on shares of Adobe Systems in a research report on Thursday, September 21st. Robert W. Baird set a $160.00 target price on Adobe Systems and gave the stock a “buy” rating in a research report on Friday, October 6th. Royal Bank Of Canada reiterated a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research report on Monday, July 31st. Finally, Vetr downgraded Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 target price on the stock. in a research report on Thursday, August 31st. Nine investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $161.93.
Adobe Systems (NASDAQ ADBE) opened at 153.00 on Thursday. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $157.89. The stock’s 50 day moving average price is $151.96 and its 200 day moving average price is $143.83. The stock has a market cap of $75.42 billion, a price-to-earnings ratio of 48.10 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the business earned $0.75 earnings per share. The business’s revenue was up 25.8% on a year-over-year basis. Analysts forecast that Adobe Systems will post $4.22 EPS for the current fiscal year.
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In related news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the sale, the executive vice president now owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. In the last three months, insiders sold 18,359 shares of company stock worth $2,755,181. Company insiders own 0.38% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. FMR LLC raised its stake in Adobe Systems by 4.9% during the 2nd quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after acquiring an additional 1,651,762 shares in the last quarter. BlackRock Inc. raised its stake in Adobe Systems by 8.2% during the 2nd quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after acquiring an additional 2,621,275 shares in the last quarter. Vanguard Group Inc. raised its stake in Adobe Systems by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after acquiring an additional 943,487 shares in the last quarter. State Street Corp raised its stake in Adobe Systems by 1.2% during the 1st quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after acquiring an additional 234,270 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Adobe Systems by 784.4% during the 2nd quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after acquiring an additional 9,957,241 shares in the last quarter. 87.49% of the stock is currently owned by institutional investors and hedge funds.
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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