Adobe Systems’ (ADBE) “Buy” Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies reissued their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research note released on Tuesday morning. Piper Jaffray Companies currently has a $180.00 price target on the software company’s stock.
A number of other brokerages also recently issued reports on ADBE. Vetr downgraded Adobe Systems from a strong-buy rating to a buy rating and set a $157.24 price objective on the stock. in a research report on Tuesday, June 20th. Canaccord Genuity reiterated a buy rating and issued a $165.00 price objective (up previously from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. BidaskClub upgraded Adobe Systems from a buy rating to a strong-buy rating in a research report on Wednesday, August 16th. Royal Bank Of Canada reiterated a buy rating and issued a $157.00 price objective on shares of Adobe Systems in a research report on Monday, July 31st. Finally, BMO Capital Markets reiterated an outperform rating on shares of Adobe Systems in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $153.88.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.30% during trading on Tuesday, hitting $154.49. The stock had a trading volume of 3,012,822 shares. The firm’s 50 day moving average is $151.06 and its 200 day moving average is $139.34. Adobe Systems has a 1-year low of $98.00 and a 1-year high of $157.89. The company has a market cap of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the business posted $0.71 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year. Equities research analysts anticipate that Adobe Systems will post $4.06 EPS for the current fiscal year.
In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction that occurred on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the sale, the director now directly owns 16,088 shares in the company, valued at $2,317,798.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,959 shares of company stock worth $14,870,874. Insiders own 0.38% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. W. E. Donoghue & Co. LLC bought a new stake in Adobe Systems during the 2nd quarter valued at approximately $2,318,000. Intl Fcstone Inc. bought a new stake in Adobe Systems during the 2nd quarter valued at approximately $305,000. USA Financial Portformulas Corp bought a new stake in Adobe Systems during the 2nd quarter valued at approximately $6,210,000. WFG Advisors LP boosted its position in Adobe Systems by 5.9% during the 2nd quarter. WFG Advisors LP now owns 1,338 shares of the software company’s stock valued at $189,000 after acquiring an additional 75 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Adobe Systems by 25.2% during the 2nd quarter. Toronto Dominion Bank now owns 167,867 shares of the software company’s stock valued at $23,739,000 after acquiring an additional 33,814 shares in the last quarter. 87.53% of the stock is currently owned by institutional investors and hedge funds.
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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