Adobe Systems’ (ADBE) “Buy” Rating Reaffirmed at Citigroup Inc.
Adobe Systems Inc. (NASDAQ:ADBE)‘s stock had its “buy” rating reissued by equities research analysts at Citigroup Inc. in a research note issued to investors on Wednesday. They presently have a $117.00 target price on the software company’s stock. Citigroup Inc.’s target price suggests a potential upside of 8.55% from the company’s current price.
A number of other equities research analysts also recently commented on the company. Barclays PLC lifted their target price on Adobe Systems to $75.00 in a report on Tuesday, June 7th. Deutsche Bank AG reaffirmed a “buy” rating and set a $120.00 target price on shares of Adobe Systems in a report on Wednesday, June 22nd. Canaccord Genuity reaffirmed a “buy” rating and set a $110.00 target price on shares of Adobe Systems in a report on Wednesday, June 22nd. Rosenblatt Securities lifted their target price on Adobe Systems from $112.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, June 22nd. Finally, Vetr downgraded 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. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $108.30.
Adobe Systems (NASDAQ:ADBE) traded up 7.12% during trading on Wednesday, reaching $107.78. 8,764,529 shares of the company’s stock traded hands. The firm has a market cap of $53.71 billion, a price-to-earnings ratio of 60.89 and a beta of 1.24. Adobe Systems has a one year low of $71.27 and a one year high of $108.22. The company has a 50 day moving average of $100.78 and a 200 day moving average of $96.58.
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Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The business had revenue of $1.46 billion for the quarter. During the same quarter in the previous year, the firm posted $0.54 EPS. Adobe Systems’s revenue was up 20.2% on a year-over-year basis. Equities research analysts predict that Adobe Systems will post $2.87 EPS for the current year.
In other news, CMO Ann Lewnes sold 4,000 shares of the company’s stock in a transaction on Friday, June 24th. The stock was sold at an average price of $92.39, for a total value of $369,560.00. Following the transaction, the chief marketing officer now owns 46,828 shares of the company’s stock, valued at approximately $4,326,438.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Bradley Rencher sold 37,562 shares of the company’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 disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in the stock. Brown Advisory Inc. raised its position in shares of Adobe Systems by 16,033.1% in the second quarter. Brown Advisory Inc. now owns 3,828,878 shares of the software company’s stock valued at $366,768,000 after buying an additional 3,805,145 shares during the period. FMR LLC raised its position in shares of Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock valued at $3,481,242,000 after buying an additional 2,249,163 shares during the period. Janus Capital Management LLC raised its position in shares of Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock valued at $1,279,159,000 after buying an additional 2,215,100 shares during the period. JPMorgan Chase & Co. raised its position in shares of Adobe Systems by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 17,555,131 shares of the software company’s stock valued at $1,646,671,000 after buying an additional 1,764,349 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Adobe Systems by 46.2% in the first quarter. Wellington Management Group LLP now owns 5,463,118 shares of the software company’s stock valued at $512,441,000 after buying an additional 1,726,306 shares during the period. 87.53% of the stock is currently owned by institutional investors and hedge funds.
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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