Adobe Systems Incorporated (ADBE) Receives “Outperform” Rating from Cowen and Company
Cowen and Company reiterated their outperform rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report published on Wednesday. Cowen and Company currently has a $165.00 price objective on the software company’s stock, up from their prior price objective of $160.00.
Several other brokerages have also recently commented on ADBE. BMO Capital Markets reiterated an outperform rating on shares of Adobe Systems in a report on Tuesday, September 12th. Jefferies Group LLC reiterated a buy rating and issued a $175.00 target price on shares of Adobe Systems in a report on Tuesday, September 12th. Canaccord Genuity reiterated a buy rating and issued a $170.00 target price (up from $165.00) on shares of Adobe Systems in a report on Wednesday. Wells Fargo & Company reiterated a hold rating and issued a $145.00 target price (up from $127.50) on shares of Adobe Systems in a report on Wednesday. Finally, Stifel Nicolaus reiterated a buy rating and issued a $163.00 target price on shares of Adobe Systems in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $158.25.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 148.50 on Wednesday. The firm has a market capitalization of $73.27 billion, a P/E ratio of 46.68 and a beta of 1.00. The company has a 50 day moving average of $151.61 and a 200-day moving average of $140.16. 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 earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period in the prior year, the business posted $0.75 earnings per share. The firm’s revenue was up 25.8% on a year-over-year basis. Analysts predict that Adobe Systems will post $4.22 EPS for the current year.
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In other Adobe Systems news, EVP Abhay Parasnis sold 12,500 shares of the company’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CMO Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The disclosure for this sale can be found here. Insiders sold a total of 64,359 shares of company stock valued at $9,449,192 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.
A number of large investors have recently made changes to their positions in ADBE. Waldron LP grew its stake in Adobe Systems by 96.9% in the 1st quarter. Waldron LP now owns 5,487 shares of the software company’s stock valued at $689,000 after purchasing an additional 2,701 shares during the period. Genesee Valley Trust Co. grew its stake in Adobe Systems by 0.3% in the 1st quarter. Genesee Valley Trust Co. now owns 14,340 shares of the software company’s stock valued at $1,866,000 after purchasing an additional 41 shares during the period. DekaBank Deutsche Girozentrale grew its stake in Adobe Systems by 23.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 172,031 shares of the software company’s stock valued at $22,497,000 after purchasing an additional 32,410 shares during the period. Daiwa Securities Group Inc. grew its stake in Adobe Systems by 31.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 16,850 shares of the software company’s stock valued at $2,193,000 after purchasing an additional 4,000 shares during the period. Finally, Sheaff Brock Investment Advisors LLC grew its stake in Adobe Systems by 3.9% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,095 shares of the software company’s stock valued at $403,000 after purchasing an additional 115 shares during the period. Hedge funds and other institutional investors own 87.40% 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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