Adobe Systems Inc. (ADBE) Sees Large Volume Increase on Earnings Beat
Adobe Systems Inc. (NASDAQ:ADBE) shares saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings. 4,193,009 shares were traded during trading, an increase of 80% from the previous session’s volume of 2,325,057 shares.The stock last traded at $100.62 and had previously closed at $99.68.
The software company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.54 EPS.
Several analysts have recently commented on the stock. Credit Suisse Group AG lifted their price target on shares of Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, June 1st. Vetr downgraded shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $109.00 target price for the company. in a report on Tuesday, May 24th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $105.00 target price (up previously from $100.00) on shares of Adobe Systems in a report on Wednesday, June 22nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $104.00 target price on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Piper Jaffray Cos. began coverage on shares of Adobe Systems in a report on Monday, July 25th. They issued an “overweight” rating and a $125.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Adobe Systems currently has an average rating of “Buy” and an average target price of $105.64.
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In related news, EVP Bradley Rencher sold 37,562 shares of the business’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.46, for a total value of $3,585,668.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 4,000 shares of the business’s stock in a transaction on Friday, June 24th. The shares were sold at an average price of $92.39, for a total transaction of $369,560.00. Following the completion of the sale, the chief marketing officer now directly owns 46,828 shares of the company’s stock, valued at $4,326,438.92. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the stock. Addenda Capital Inc. boosted its stake in shares of Adobe Systems by 0.3% in the first quarter. Addenda Capital Inc. now owns 44,529 shares of the software company’s stock worth $4,177,000 after buying an additional 131 shares during the period. Torray LLC boosted its stake in shares of Adobe Systems by 54.9% in the first quarter. Torray LLC now owns 536,216 shares of the software company’s stock worth $50,297,000 after buying an additional 190,121 shares during the period. Outfitter Advisors LTD. boosted its stake in shares of Adobe Systems by 8.6% in the first quarter. Outfitter Advisors LTD. now owns 46,967 shares of the software company’s stock worth $4,406,000 after buying an additional 3,710 shares during the period. Virginia Retirement System bought a new stake in shares of Adobe Systems during the first quarter worth $759,000. Finally, Nisa Investment Advisors L.L.C. boosted its stake in shares of Adobe Systems by 6.7% in the first quarter. Nisa Investment Advisors L.L.C. now owns 187,172 shares of the software company’s stock worth $17,557,000 after buying an additional 11,700 shares during the period. 87.88% of the stock is owned by hedge funds and other institutional investors.
The firm’s 50 day moving average price is $100.36 and its 200 day moving average price is $96.40. The company has a market capitalization of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24.
About Adobe Systems
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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