Adobe Systems (NASDAQ:ADBE) had its price target increased by analysts at Griffin Securities from $278.00 to $296.00 in a research note issued on Friday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the software company’s stock. Griffin Securities’ target price suggests a potential upside of 7.76% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of Adobe Systems from a “buy” rating to a “hold” rating in a research report on Saturday, August 18th. Robert W. Baird boosted their price objective on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Guggenheim initiated coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They issued a “neutral” rating and a $275.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on shares of Adobe Systems from $235.00 to $260.00 and gave the company a “neutral” rating in a research report on Friday, June 15th. Finally, Royal Bank of Canada boosted their price objective on shares of Adobe Systems to $268.00 and gave the company an “outperform” rating in a research report on Monday, June 11th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $258.41.

Adobe Systems stock opened at $274.69 on Friday. The stock has a market capitalization of $131.13 billion, a price-to-earnings ratio of 76.52, a P/E/G ratio of 2.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. Adobe Systems has a 1 year low of $143.95 and a 1 year high of $277.61.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm’s quarterly revenue was up 24.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.10 EPS. research analysts expect that Adobe Systems will post 5.61 earnings per share for the current fiscal year.

Adobe Systems announced that its Board of Directors has authorized a stock repurchase program on Monday, May 21st that allows the company to repurchase $8.00 billion in shares. This repurchase authorization allows the software company to buy up to 6.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

In related news, Director Charles M. Geschke sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, June 18th. The shares were sold at an average price of $255.19, for a total transaction of $1,531,140.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 2,945 shares of the business’s stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total transaction of $746,557.50. Following the transaction, the executive vice president now owns 67,377 shares of the company’s stock, valued at approximately $17,080,069.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,324 shares of company stock valued at $6,511,829. 0.33% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signature Estate & Investment Advisors LLC acquired a new position in Adobe Systems during the 2nd quarter valued at approximately $107,000. Rainier Group Investment Advisory LLC acquired a new position in Adobe Systems during the 1st quarter valued at approximately $130,000. Mount Yale Investment Advisors LLC acquired a new position in Adobe Systems during the 1st quarter valued at approximately $132,000. Bruderman Asset Management LLC acquired a new position in Adobe Systems during the 1st quarter valued at approximately $149,000. Finally, Centaurus Financial Inc. acquired a new position in Adobe Systems during the 2nd quarter valued at approximately $170,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

About Adobe Systems

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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