Adobe Systems Sets New 52-Week High on Analyst Upgrade (ADBE)
Adobe Systems (NASDAQ:ADBE)’s share price reached a new 52-week high on Tuesday after Pacific Crest raised their price target on the stock from $66.00 to $75.00, ARN reports. Pacific Crest currently has an outperform rating on the stock. Adobe Systems traded as high as $69.10 and last traded at $68.67, with a volume of 2,832,300 shares traded. The stock had previously closed at $68.34.
Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America reiterated a “buy” rating on shares of Adobe Systems in a research note on Tuesday, February 11th. They now have a $67.00 price target on the stock, down previously from $80.00. Separately, analysts at Sterne Agee initiated coverage on shares of Adobe Systems in a research note on Tuesday, February 4th. They set a “buy” rating on the stock. Finally, analysts at Argus upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Tuesday, December 17th. They now have a $71.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $56.57.
In other Adobe Systems news, CFO Mark Garrett sold 15,000 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $58.22, for a total value of $873,300.00. Following the completion of the transaction, the chief financial officer now directly owns 32,502 shares of the company’s stock, valued at approximately $1,892,266. The transaction was disclosed in a document filed with the SEC, which is available at this link.
The stock’s 50-day moving average is $60.70 and its 200-day moving average is $54.13. The company has a market cap of $34.107 billion and a P/E ratio of 122.04.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, December 12th. The company reported $0.32 earnings per share (EPS) for the quarter, meeting the 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 previous year, the company posted $0.61 earnings per share. The company’s revenue for the quarter was down 9.7% on a year-over-year basis. On average, analysts predict that Adobe Systems will post $1.12 earnings per share for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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