Adobe Systems Incorporated (ADBE) Hits New 12-Month High on Analyst Upgrade

Adobe Systems Incorporated (NASDAQ:ADBE) shares reached a new 52-week high on Thursday after Royal Bank Of Canada raised their price target on the stock to $177.00. Royal Bank Of Canada currently has an outperform rating on the stock. Adobe Systems traded as high as $170.23 and last traded at $170.56, with a volume of 7,573,423 shares trading hands. The stock had previously closed at $153.00.

A number of other research firms also recently weighed in on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and set a $175.00 target price on shares of Adobe Systems in a research report on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and set a $170.00 target price (up from $165.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Wells Fargo & Company reissued a “hold” rating and set a $145.00 target price (up from $127.50) on shares of Adobe Systems in a research report on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $163.00 target price on shares of Adobe Systems in a research report on Wednesday, September 20th. Nine equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $163.66.

In related news, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction on Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the transaction, the executive vice president now owns 56,356 shares in the company, valued at approximately $8,784,773.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,359 shares of company stock worth $2,755,181. Corporate insiders own 0.38% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. FMR LLC raised its position in Adobe Systems by 4.9% in the 2nd 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 period. BlackRock Inc. raised its position in Adobe Systems by 8.2% in the 2nd 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 period. Vanguard Group Inc. raised its position in Adobe Systems by 2.9% in the 2nd 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 period. State Street Corp raised its position in Adobe Systems by 1.2% in the 1st 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 period. Finally, Janus Henderson Group PLC raised its position in Adobe Systems by 784.4% in the 2nd 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 period. Institutional investors own 87.49% of the company’s stock.

The company has a 50-day moving average price of $151.96 and a 200 day moving average price of $143.83. The firm has a market cap of $84.15 billion, a P/E ratio of 53.67 and a beta of 0.98.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. Adobe Systems’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. On average, equities analysts forecast that Adobe Systems Incorporate

A number of other research firms also recently weighed in on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and set a $175.00 target price on shares of Adobe Systems in a research report on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and set a $170.00 target price (up from $165.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Wells Fargo & Company reissued a “hold” rating and set a $145.00 target price (up from $127.50) on shares of Adobe Systems in a research report on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $163.00 target price on shares of Adobe Systems in a research report on Wednesday, September 20th. Nine equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $163.66.

In related news, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction on Friday, July 21st. The shares were sold at an average price of $149.38, for a total value of $1,867,250.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the completion of the transaction, the executive vice president now owns 56,356 shares in the company, valued at approximately $8,784,773.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,359 shares of company stock worth $2,755,181. Corporate insiders own 0.38% of the company’s stock.

A number of large investors have recently modified their holdings of the stock. FMR LLC raised its position in Adobe Systems by 4.9% in the 2nd 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 period. BlackRock Inc. raised its position in Adobe Systems by 8.2% in the 2nd 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 period. Vanguard Group Inc. raised its position in Adobe Systems by 2.9% in the 2nd 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 period. State Street Corp raised its position in Adobe Systems by 1.2% in the 1st 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 period. Finally, Janus Henderson Group PLC raised its position in Adobe Systems by 784.4% in the 2nd 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 period. Institutional investors own 87.49% of the company’s stock.

The company has a 50-day moving average price of $151.96 and a 200 day moving average price of $143.83. The firm has a market cap of $84.15 billion, a P/E ratio of 53.67 and a beta of 0.98.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. Adobe Systems’s revenue was up 25.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. On average, equities analysts forecast that Adobe Systems Incorporated will post $4.22 earnings per share for the current year.

ILLEGAL ACTIVITY NOTICE: “Adobe Systems Incorporated (ADBE) Hits New 12-Month High on Analyst Upgrade” was first reported by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are viewing this piece on another site, it was copied illegally and reposted in violation of U.S. & international trademark and copyright laws. The legal version of this piece can be viewed at https://ledgergazette.com/2017/10/19/adobe-systems-incorporated-adbe-hits-new-12-month-high-on-analyst-upgrade.html.

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.

Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply