Adobe Systems Incorporated (ADBE) Earns Buy Rating from Analysts at Moffett Nathanson
Moffett Nathanson initiated coverage on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research report report published on Wednesday morning, Marketbeat Ratings reports. The firm issued a buy rating and a $195.00 target price on the software company’s stock.
Several other brokerages have also commented on ADBE. Jefferies Group LLC began coverage on shares of Adobe Systems in a report on Thursday, August 24th. They issued a buy rating and a $175.00 price target for the company. Vetr raised shares of Adobe Systems from a sell rating to a hold rating and set a $150.30 price objective for the company in a report on Wednesday. Robert W. Baird reissued a buy rating and issued a $160.00 price objective on shares of Adobe Systems in a report on Friday, September 1st. Bank of America Corporation upped their price objective on shares of Adobe Systems from $108.00 to $120.00 and gave the company a neutral rating in a report on Friday, August 25th. Finally, BidaskClub raised shares of Adobe Systems from a buy rating to a strong-buy rating in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average price target of $153.88.
Adobe Systems (ADBE) opened at 155.34 on Wednesday. The company has a market cap of $76.65 billion, a P/E ratio of 54.11 and a beta of 1.00. Adobe Systems has a 52 week low of $97.87 and a 52 week high of $156.06. The stock has a 50 day moving average of $150.04 and a 200 day moving average of $138.04.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. Adobe Systems’s revenue was up 26.7% compared to the same quarter last year. On average, analysts expect that Adobe Systems will post $4.06 earnings per share for the current year.
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In related news, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the business’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 value of $311,034.57. Following the completion of the sale, the executive vice president now owns 61,944 shares of the company’s stock, valued at $8,628,179.76. The disclosure for this sale can be found here. Insiders sold 102,239 shares of company stock worth $14,877,475 in the last ninety days. 0.38% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. lifted its stake 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 purchasing an additional 30,228,013 shares during the last quarter. Janus Henderson Group PLC lifted its stake 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 purchasing an additional 9,957,241 shares during the last quarter. FMR LLC lifted its stake 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 purchasing an additional 1,651,762 shares during the last quarter. UBS Asset Management Americas Inc. lifted its stake 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 purchasing an additional 1,619,111 shares during the last quarter. Finally, Egerton Capital UK LLP bought a new stake in Adobe Systems during the first quarter worth $209,666,000. Institutional investors and hedge funds 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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