Adobe Systems Inc. Reaches New 12-Month High at $61.59 (ADBE)
Adobe Systems (NASDAQ:ADBE) set a new 52-week high during trading on Wednesday, American Banking News reports. The stock traded as high as $61.59 and last traded at $61.51, with a volume of 2,836,858 shares. The stock had previously closed at $60.37.
A number of analysts have recently weighed in on ADBE shares. Analysts at Thomson Reuters/Verus downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating in a research note to investors on Tuesday, December 24th. Separately, analysts at Argus upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note to investors on Tuesday, December 17th. They now have a $71.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note to investors on Friday, December 13th. They now have a $57.00 price target on the stock. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and seventeen have issued a buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and an average target price of $55.74.
In other Adobe Systems news, Director Robert Burgess sold 94,832 shares of the company’s stock on the open market in a transaction dated Friday, January 10th. The stock was sold at an average price of $59.18, for a total transaction of $5,612,157.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.
Adobe Systems has a one year low of $37.36 and a one year high of $61.09. The stock’s 50-day moving average is $57.95 and its 200-day moving average is $51.98. The company has a market cap of $30.806 billion and a price-to-earnings ratio of 107.80.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 12th. The company reported $0.32 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.32. The company had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the prior year, the company posted $0.61 earnings per share. The company’s quarterly revenue was down 9.7% on a year-over-year basis. Analysts expect that Adobe Systems will post $1.12 EPS for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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