Adobe Systems Incorporated (ADBE) Given Buy Rating at Jefferies Group LLC
Jefferies Group LLC reissued their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research note released on Tuesday morning. They currently have a $175.00 target price on the software company’s stock.
ADBE has been the topic of a number of other research reports. Vetr lowered Adobe Systems from a hold rating to a sell rating and set a $150.30 price objective on the stock. in a research note on Thursday, August 31st. Morgan Stanley reaffirmed an equal weight rating and set a $137.00 price objective on shares of Adobe Systems in a research note on Friday, June 16th. Royal Bank Of Canada increased their price objective on Adobe Systems from $135.00 to $157.00 and gave the company an outperform rating in a research note on Thursday, May 25th. BidaskClub raised Adobe Systems from a buy rating to a strong-buy rating in a research note on Saturday, June 24th. Finally, Bank of America Corporation increased their price objective on Adobe Systems from $108.00 to $120.00 and gave the company a neutral rating in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $153.88.
Adobe Systems (NASDAQ ADBE) opened at 156.31 on Tuesday. The stock’s 50 day moving average is $150.25 and its 200 day moving average is $138.58. Adobe Systems has a 12 month low of $97.87 and a 12 month high of $157.89. The firm has a market cap of $77.12 billion, a PE ratio of 54.44 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business had revenue of $1.77 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter last year, the business posted $0.71 earnings per share. The business’s revenue for the quarter was up 26.7% on a year-over-year basis. On average, equities analysts forecast that Adobe Systems will post $4.06 earnings per share for the current year.
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In other Adobe Systems news, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donna Morris sold 5,000 shares of Adobe Systems stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $145.00, for a total value of $725,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,006 shares of company stock worth $14,566,440. Company insiders own 0.38% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased its holdings in Adobe Systems by 4.9% during the 2nd 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. BlackRock Inc. increased its holdings in Adobe Systems by 8.2% during the 2nd quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after purchasing an additional 2,621,275 shares during the last quarter. Vanguard Group Inc. increased its holdings in Adobe Systems by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after purchasing an additional 943,487 shares during the last quarter. State Street Corp increased its holdings in Adobe Systems by 1.2% during the 1st quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after purchasing an additional 234,270 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in Adobe Systems by 784.4% during the 2nd 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. 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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