Adobe Systems Incorporated (ADBE) Receives “Buy” Rating from Barclays PLC
Barclays PLC reissued their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report released on Friday morning. They currently have a $167.00 price objective on the software company’s stock.
Several other research firms have also issued reports on ADBE. Piper Jaffray Companies reissued a buy rating and set a $180.00 target price on shares of Adobe Systems in a research note on Tuesday. Jefferies Group LLC reissued a buy rating and set a $175.00 target price on shares of Adobe Systems in a research note on Tuesday. Zacks Investment Research lowered shares of Adobe Systems from a hold rating to a sell rating in a research note on Thursday. BMO Capital Markets reissued an outperform rating on shares of Adobe Systems in a research note on Tuesday. Finally, BidaskClub raised shares of Adobe Systems from a buy rating to a strong-buy rating in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $154.08.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.30% during trading on Friday, hitting $154.49. The stock had a trading volume of 3,012,822 shares. The firm has a 50 day moving average price of $151.06 and a 200 day moving average price of $139.34. The firm has a market cap of $76.23 billion, a P/E ratio of 53.81 and a beta of 1.00. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $157.89.
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, topping the consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period last year, the firm earned $0.71 EPS. On average, equities analysts expect that Adobe Systems will post $4.06 earnings per share for the current fiscal year.
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In related news, 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 completion of the sale, the director now owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction that occurred on Friday, July 21st. The shares were 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. Insiders have sold a total of 101,959 shares of company stock valued at $14,870,874 in the last 90 days. Insiders own 0.38% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC acquired a new stake in Adobe Systems in the 2nd quarter valued at approximately $100,000. CWM LLC increased its holdings in Adobe Systems by 11.8% in the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares during the last quarter. Clean Yield Group acquired a new stake in Adobe Systems in the 1st quarter valued at approximately $100,000. Signature Estate & Investment Advisors LLC acquired a new stake in Adobe Systems in the 1st quarter valued at approximately $113,000. Finally, Sumitomo Mitsui Financial Group Inc. acquired a new stake in Adobe Systems in the 2nd quarter valued at approximately $141,000. Hedge funds and other 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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