Adobe Systems Inc. (ADBE) Given “Outperform” Rating at Cowen and Company
Several other analysts have also commented on the stock. RBC Capital Markets reissued an outperform rating and set a $116.00 target price (up from $115.00) on shares of Adobe Systems in a research note on Thursday, September 22nd. Argus increased their target price on shares of Adobe Systems from $110.00 to $127.00 and gave the company a buy rating in a research note on Friday, September 23rd. Dougherty & Co reissued a buy rating and set a $122.00 target price on shares of Adobe Systems in a research note on Friday, September 23rd. Oppenheimer Holdings Inc. reissued a market perform rating on shares of Adobe Systems in a research note on Friday, September 23rd. Finally, Vetr lowered shares of Adobe Systems from a hold rating to a sell rating and set a $102.96 target price for the company. in a research note on Wednesday, September 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have issued a buy rating to the company’s stock. Adobe Systems currently has a consensus rating of Buy and a consensus price target of $110.73.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 109.70 on Tuesday. The stock’s 50 day moving average is $101.95 and its 200-day moving average is $97.33. The firm has a market capitalization of $54.69 billion, a P/E ratio of 55.97 and a beta of 1.24. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $109.76.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.03. The business earned $1.46 billion during the quarter. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The company’s revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business earned $0.54 earnings per share. On average, equities analysts forecast that Adobe Systems will post $2.97 earnings per share for the current fiscal year.
In other Adobe Systems news, CAO Richard Rowley sold 271 shares of the company’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.68, for a total value of $25,929.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Bradley Rencher sold 37,562 shares of the company’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.46, for a total transaction of $3,585,668.52. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. Carnick & Kubik Group LLC bought a new position in Adobe Systems during the second quarter valued at approximately $1,215,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Adobe Systems during the second quarter valued at approximately $1,935,000. Kentucky Retirement Systems bought a new position in Adobe Systems during the second quarter valued at approximately $4,075,000. KAMES CAPITAL plc increased its position in Adobe Systems by 85.1% in the second quarter. KAMES CAPITAL plc now owns 116,858 shares of the software company’s stock valued at $11,195,000 after buying an additional 53,717 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC increased its position in Adobe Systems by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 19,082 shares of the software company’s stock valued at $1,828,000 after buying an additional 56 shares in the last quarter. Hedge funds and other institutional investors own 87.53% of the company’s stock.
Adobe Systems Company Profile
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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