Robert W. Baird Reaffirms Buy Rating for Adobe Systems Incorporated (ADBE)
Robert W. Baird reiterated their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research report report published on Friday morning. Robert W. Baird currently has a $160.00 target price on the software company’s stock.
Several other research analysts have also recently issued reports on the stock. Vetr cut shares of Adobe Systems from a hold rating to a sell rating and set a $150.30 price target for the company. in a report on Thursday. Bank of America Corporation increased their price target on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a neutral rating in a report on Friday, August 25th. Jefferies Group LLC began coverage on shares of Adobe Systems in a report on Thursday, August 24th. They set a buy rating and a $175.00 price target for the company. BidaskClub raised shares of Adobe Systems from a buy rating to a strong-buy rating in a report on Wednesday, August 16th. Finally, Royal Bank Of Canada reissued a buy rating and set a $157.00 price target on shares of Adobe Systems in a report on Monday, July 31st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of Buy and an average price target of $152.46.
Shares of Adobe Systems (NASDAQ ADBE) opened at 155.06 on Friday. Adobe Systems has a 52-week low of $97.87 and a 52-week high of $156.06. The firm has a market capitalization of $76.51 billion, a PE ratio of 54.01 and a beta of 1.00. The stock’s 50 day moving average price is $149.22 and its 200-day moving average price is $137.01.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 earnings per share. Equities research analysts anticipate that Adobe Systems will post $4.06 EPS for the current fiscal year.
In related news, EVP Ann Lewnes sold 2,233 shares of the firm’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the sale, the executive vice president now owns 61,944 shares in the company, valued at $8,628,179.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 102,239 shares of company stock worth $14,877,475. 0.38% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. BlackRock Inc. boosted its position in Adobe Systems by 1,894.1% during the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after acquiring an additional 30,228,013 shares during the last quarter. Janus Henderson Group PLC boosted its position in Adobe Systems by 784.4% during 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 acquiring an additional 9,957,241 shares during the last quarter. FMR LLC boosted its position in Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after acquiring an additional 1,651,762 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in Adobe Systems by 92.3% during the first quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock worth $438,907,000 after acquiring an additional 1,619,111 shares during the last quarter. Finally, Egerton Capital UK LLP acquired a new stake in Adobe Systems during the first quarter worth approximately $209,666,000. Hedge funds and other institutional investors own 87.53% of the company’s stock.
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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