Pivotal Research Increases Adobe Systems (ADBE) Price Target to $254.00

Adobe Systems (NASDAQ:ADBE) had its target price boosted by Pivotal Research from $235.00 to $254.00 in a research report released on Friday morning, MarketBeat reports. Pivotal Research currently has a hold rating on the software company’s stock.

Other research analysts have also issued reports about the stock. Bank of America raised their target price on shares of Adobe Systems from $278.00 to $292.00 in a report on Friday, June 15th. Zacks Investment Research raised shares of Adobe Systems from a hold rating to a buy rating and set a $286.00 target price for the company in a report on Tuesday, June 19th. BidaskClub lowered shares of Adobe Systems from a strong-buy rating to a buy rating in a report on Monday, June 18th. Robert W. Baird raised their target price on shares of Adobe Systems from $240.00 to $260.00 and gave the company a buy rating in a report on Tuesday, May 22nd. Finally, Stifel Nicolaus raised their target price on shares of Adobe Systems from $250.00 to $275.00 and gave the company a buy rating in a report on Friday, June 15th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $258.41.

Shares of Adobe Systems stock traded up $6.17 on Friday, hitting $274.69. 6,158,674 shares of the company traded hands, compared to its average volume of 2,635,874. The stock has a market cap of $131.13 billion, a P/E ratio of 76.52, a PEG ratio of 2.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. Adobe Systems has a 52 week low of $143.95 and a 52 week high of $277.61.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company’s revenue for the quarter was up 24.4% compared to the same quarter last year. equities analysts expect that Adobe Systems will post 5.61 EPS for the current year.

Adobe Systems declared that its board has approved a stock repurchase program on Monday, May 21st that permits the company to buyback $8.00 billion in shares. This buyback authorization permits the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

In other news, Director Charles M. Geschke sold 6,000 shares of the business’s stock in a transaction on Monday, June 18th. The shares were sold at an average price of $255.19, for a total transaction of $1,531,140.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction on Wednesday, June 20th. The shares were sold at an average price of $253.50, for a total transaction of $746,557.50. Following the sale, the executive vice president now directly owns 67,377 shares of the company’s stock, valued at $17,080,069.50. The disclosure for this sale can be found here. Insiders have sold 25,324 shares of company stock valued at $6,511,829 over the last ninety days. 0.33% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Pioneer Trust Bank N A OR boosted its stake in shares of Adobe Systems by 8.0% during the second quarter. Pioneer Trust Bank N A OR now owns 2,700 shares of the software company’s stock valued at $658,000 after purchasing an additional 200 shares during the period. RB Capital Management LLC boosted its stake in shares of Adobe Systems by 4.7% during the second quarter. RB Capital Management LLC now owns 4,416 shares of the software company’s stock valued at $1,077,000 after purchasing an additional 200 shares during the period. Violich Capital Management Inc. boosted its stake in shares of Adobe Systems by 6.8% during the second quarter. Violich Capital Management Inc. now owns 3,125 shares of the software company’s stock valued at $762,000 after purchasing an additional 200 shares during the period. Wetherby Asset Management Inc. raised its holdings in shares of Adobe Systems by 1.6% in the second quarter. Wetherby Asset Management Inc. now owns 13,344 shares of the software company’s stock valued at $3,254,000 after acquiring an additional 213 shares in the last quarter. Finally, Private Trust Co. NA raised its holdings in shares of Adobe Systems by 4.0% in the second quarter. Private Trust Co. NA now owns 5,847 shares of the software company’s stock valued at $1,425,000 after acquiring an additional 224 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

Adobe Systems Company Profile

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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