Adobe Systems Incorporated (NASDAQ:ADBE) has received an average recommendation of “Buy” from the thirty-five analysts that are presently covering the firm, MarketBeat reports. Ten analysts have rated the stock with a hold recommendation, twenty-four have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $221.28.
Several equities analysts have commented on ADBE shares. Citigroup increased their price target on shares of Adobe Systems to $250.00 and gave the company a “buy” rating in a research note on Friday, March 16th. Canaccord Genuity reiterated a “buy” rating and issued a $245.00 price target (up from $220.00) on shares of Adobe Systems in a research note on Friday, March 16th. Jefferies Group increased their price target on shares of Adobe Systems to $263.00 and gave the company a “buy” rating in a research note on Friday, March 16th. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $215.00 price target on the stock in a research note on Tuesday, February 13th. Finally, Argus increased their price target on shares of Adobe Systems from $195.00 to $234.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th.
In other Adobe Systems news, EVP Ann Lewnes sold 2,942 shares of the firm’s stock in a transaction on Wednesday, May 16th. The stock was sold at an average price of $236.59, for a total value of $696,047.78. Following the completion of the sale, the executive vice president now owns 70,322 shares of the company’s stock, valued at $16,637,481.98. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 5,000 shares of the firm’s stock in a transaction on Tuesday, March 20th. The shares were sold at an average price of $224.94, for a total value of $1,124,700.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $3,618,834.72. The disclosure for this sale can be found here. In the last three months, insiders sold 46,819 shares of company stock valued at $10,451,729. 0.33% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in ADBE. Reilly Financial Advisors LLC boosted its position in Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock worth $124,000 after acquiring an additional 265 shares during the period. Exchange Capital Management Inc. purchased a new stake in shares of Adobe Systems during the first quarter valued at $125,000. Rainier Group Investment Advisory LLC purchased a new stake in shares of Adobe Systems during the first quarter valued at $130,000. Cerebellum GP LLC purchased a new stake in shares of Adobe Systems during the fourth quarter valued at $118,000. Finally, Bruderman Asset Management LLC purchased a new stake in shares of Adobe Systems during the first quarter valued at $149,000. 85.97% of the stock is owned by institutional investors.
Shares of ADBE traded down $1.40 during mid-day trading on Friday, hitting $243.75. 111,599 shares of the company’s stock were exchanged, compared to its average volume of 2,132,957. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.12 and a current ratio of 2.12. Adobe Systems has a fifty-two week low of $131.20 and a fifty-two week high of $245.90. The stock has a market capitalization of $120.12 billion, a PE ratio of 67.76, a P/E/G ratio of 2.82 and a beta of 1.04.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.11. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a net margin of 24.40% and a return on equity of 24.42%. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.43) earnings per share. sell-side analysts predict that Adobe Systems will post 5.35 earnings per share for the current year.
Adobe Systems announced that its Board of Directors has authorized a stock buyback program on Monday, May 21st that authorizes the company to buyback $8.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.
About Adobe Systems
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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