Adobe Systems Receives Consensus Rating of “Buy” from Brokerages (NASDAQ:ADBE)
Shares of Adobe Systems (NASDAQ:ADBE) have earned an average recommendation of “Buy” from the twenty-two ratings firms that are presently covering the company, American Banking News.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and fourteen have given a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $74.24.
In other Adobe Systems news, Director Edward W. Barnholt sold 31,887 shares of Adobe Systems stock on the open market in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $72.61, for a total value of $2,315,315.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
ADBE has been the subject of a number of recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Adobe Systems in a research note on Friday, July 11th. They now have a $75.00 price target on the stock. Separately, analysts at TheStreet upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. Finally, analysts at Argus raised their price target on shares of Adobe Systems from $81.00 to $85.00 in a research note on Thursday, June 19th. They now have a “buy” rating on the stock.
Adobe Systems (NASDAQ:ADBE) traded down 0.22% during mid-day trading on Monday, hitting $72.39. 185,286 shares of the company’s stock traded hands. Adobe Systems has a 52 week low of $44.70 and a 52 week high of $74.69. The stock’s 50-day moving average is $70.09 and its 200-day moving average is $65.04. The company has a market cap of $36.005 billion and a P/E ratio of 131.91.
Adobe Systems (NASDAQ:ADBE) last released its earnings data on Tuesday, June 17th. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter last year, the company posted $0.36 earnings per share. Adobe Systems’s revenue was up 5.7% compared to the same quarter last year. On average, analysts predict that Adobe Systems will post $1.23 earnings per share for the current fiscal year.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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