Adobe Systems Inc. (NASDAQ:ADBE) Receives Average Recommendation of “Buy” from Analysts
Shares of Adobe Systems Inc. (NASDAQ:ADBE) have been given a consensus rating of “Buy” by the thirty-two analysts that are covering the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $110.73.
Several analysts have commented on the stock. RBC Capital Markets restated an “outperform” rating and set a $116.00 price objective (up from $115.00) on shares of Adobe Systems in a research note on Thursday, September 22nd. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of Adobe Systems in a research note on Friday, September 23rd. Argus lifted their price objective 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 restated a “buy” rating and set a $122.00 price objective on shares of Adobe Systems in a research note on Friday, September 23rd. Finally, Vetr cut shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price objective for the company. in a research note on Wednesday, September 21st.
Adobe Systems (NASDAQ:ADBE) traded down 0.39% during trading on Tuesday, reaching $108.03. 620,131 shares of the company traded hands. The firm has a 50-day moving average price of $102.87 and a 200-day moving average price of $97.93. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $109.76. The company has a market capitalization of $53.72 billion, a P/E ratio of 55.12 and a beta of 1.27.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.72 by $0.03. The company had revenue of $1.46 billion for the quarter. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.54 EPS. Analysts forecast that Adobe Systems will post $2.97 earnings per share for the current fiscal year.
In other Adobe Systems news, CFO Mark Garrett sold 26,899 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Edward W. Barnholt sold 25,000 shares of the stock in a transaction that occurred on Monday, July 11th. The shares were sold at an average price of $97.25, for a total transaction of $2,431,250.00. Following the completion of the transaction, the director now owns 58,124 shares in the company, valued at $5,652,559. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Ithaka Group LLC bought a new position in shares of Adobe Systems during the first quarter valued at approximately $18,337,000. AMF Pensionsforsakring AB raised its position in shares of Adobe Systems by 5.5% in the first quarter. AMF Pensionsforsakring AB now owns 358,452 shares of the software company’s stock valued at $33,623,000 after buying an additional 18,823 shares in the last quarter. Aviva PLC raised its position in shares of Adobe Systems by 1.7% in the first quarter. Aviva PLC now owns 279,097 shares of the software company’s stock valued at $26,179,000 after buying an additional 4,659 shares in the last quarter. C M Bidwell & Associates Ltd. bought a new position in shares of Adobe Systems during the first quarter valued at approximately $317,000. Finally, NN Investment Partners Holdings N.V. bought a new position in shares of Adobe Systems during the first quarter valued at approximately $1,797,000. 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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