Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “overweight” rating reaffirmed by research analysts at KeyCorp in a research note issued on Wednesday. They presently have a $174.00 target price on the software company’s stock. KeyCorp’s price objective would suggest a potential upside of 16.03% from the stock’s previous close.
Other equities analysts have also recently issued reports about the company. Bank of America Corporation reaffirmed a “buy” rating and issued a $184.00 target price (up from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Credit Suisse Group reaffirmed a “positive” rating and issued a $170.00 target price (up from $160.00) on shares of Adobe Systems in a report on Wednesday. Robert W. Baird reaffirmed a “buy” rating and issued a $160.00 target price on shares of Adobe Systems in a report on Friday, September 1st. Pivotal Research cut Adobe Systems from a “hold” rating to a “sell” rating and raised their target price for the stock from $109.00 to $112.00 in a report on Monday, June 12th. Finally, Zacks Investment Research cut Adobe Systems from a “hold” rating to a “sell” rating in a report on Thursday, September 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and a consensus target price of $157.38.
Adobe Systems (ADBE) traded down 4.24% during mid-day trading on Wednesday, reaching $149.96. The company’s stock had a trading volume of 9,372,344 shares. The company has a 50-day moving average price of $151.61 and a 200-day moving average price of $140.16. The firm has a market cap of $73.99 billion, a PE ratio of 52.23 and a beta of 1.00. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $157.89. Adobe Systems also was the recipient of some unusual options trading on Monday. Stock traders acquired 14,327 call options on the stock. This is an increase of 408% compared to the average volume of 2,821 call options.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 EPS. On average, equities research analysts expect that Adobe Systems will post $4.06 earnings per share for the current year.
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In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the completion of the sale, the executive vice president now owns 59,991 shares of the company’s stock, valued at $8,638,704. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. In the last three months, insiders sold 101,959 shares of company stock valued at $14,870,874. 0.38% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC lifted its stake in Adobe Systems by 4.9% in the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after purchasing an additional 1,651,762 shares during the last quarter. BlackRock Inc. lifted its stake in Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after purchasing an additional 2,621,275 shares during the last quarter. Vanguard Group Inc. lifted its stake in Adobe Systems by 2.9% in the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after purchasing an additional 943,487 shares during the last quarter. State Street Corp lifted its stake in Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after purchasing an additional 234,270 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Adobe Systems by 784.4% in the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after purchasing an additional 9,957,241 shares during the last quarter. 87.40% of the stock is 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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