Adobe Systems Inc. (ADBE) Posts Earnings Results
Adobe Systems Inc. (NASDAQ:ADBE) posted its quarterly earnings data on Tuesday. The software company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.02. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%.
Shares of Adobe Systems (NASDAQ:ADBE) traded up 0.94% during midday trading on Tuesday, hitting $100.62. 3,805,131 shares of the company’s stock traded hands. The company has a 50 day moving average of $100.36 and a 200 day moving average of $96.40. The stock has a market cap of $50.14 billion, a P/E ratio of 56.85 and a beta of 1.24. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $104.16.
Several analysts recently weighed in on ADBE shares. Vetr cut shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 target price on the stock. in a report on Tuesday, July 5th. Stephens started coverage on shares of Adobe Systems in a report on Wednesday, August 10th. They issued an “overweight” rating and a $125.00 target price on the stock. Barclays PLC raised their target price on shares of Adobe Systems to $75.00 in a report on Tuesday, June 7th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $100.00 target price on shares of Adobe Systems in a report on Thursday, June 9th. Finally, Cowen and Company started coverage on shares of Adobe Systems in a report on Friday, June 24th. They issued an “outperform” rating and a $115.00 target price on the stock. Eight research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $105.64.
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In other news, CMO Ann Lewnes sold 4,000 shares of the stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the completion of the transaction, the chief marketing officer now directly owns 46,828 shares in the company, valued at approximately $4,326,438.92. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. WFG Advisors LP raised its stake in Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock valued at $110,000 after buying an additional 246 shares in the last quarter. National Asset Management Inc. purchased a new stake in Adobe Systems during the second quarter valued at about $203,000. Cantab Capital Partners LLP raised its stake in Adobe Systems by 30.9% in the second quarter. Cantab Capital Partners LLP now owns 2,271 shares of the software company’s stock valued at $218,000 after buying an additional 536 shares in the last quarter. First Allied Advisory Services Inc. raised its stake in Adobe Systems by 2.9% in the second quarter. First Allied Advisory Services Inc. now owns 3,787 shares of the software company’s stock valued at $366,000 after buying an additional 105 shares in the last quarter. Finally, HBK Sorce Advisory LLC raised its stake in Adobe Systems by 6.0% in the second quarter. HBK Sorce Advisory LLC now owns 4,763 shares of the software company’s stock valued at $456,000 after buying an additional 271 shares in the last quarter. Institutional investors own 87.88% 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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