Adobe Systems Inc. (ADBE) Downgraded by Vetr Inc.
Adobe Systems Inc. (NASDAQ:ADBE) was downgraded by research analysts at Vetr from a “hold” rating to a “sell” rating in a research note issued on Wednesday. They presently have a $102.96 price target on the software company’s stock. Vetr‘s target price suggests a potential downside of 4.47% from the company’s previous close.
A number of other research firms have also commented on ADBE. Credit Suisse Group AG upped their price objective on shares of Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a research note on Wednesday, June 1st. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and issued a $105.00 price objective (up from $100.00) on shares of Adobe Systems in a research note on Wednesday, June 22nd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $104.00 price objective on shares of Adobe Systems in a research note on Wednesday, June 22nd. Piper Jaffray Cos. began coverage on shares of Adobe Systems in a research note on Monday, July 25th. They issued an “overweight” rating and a $125.00 price objective on the stock. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $112.00 price objective on shares of Adobe Systems in a research note on Monday, June 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe Systems has a consensus rating of “Buy” and an average price target of $108.43.
Adobe Systems (NASDAQ:ADBE) traded up 7.12% during midday trading on Wednesday, reaching $107.78. 8,764,529 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $100.78 and its 200 day moving average price is $96.58. 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 1-year low of $71.27 and a 1-year high of $108.22.
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Adobe Systems (NASDAQ:ADBE) last posted its 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 net margin of 16.88% and a return on equity of 13.86%. The firm had revenue of $1.46 billion for the quarter. During the same period in the previous year, the firm earned $0.54 earnings per share. The company’s revenue was up 20.2% compared to the same quarter last year. Equities research analysts anticipate that Adobe Systems will post $2.87 EPS for the current year.
In other Adobe Systems news, EVP Bradley Rencher sold 37,562 shares of Adobe Systems stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $95.46, for a total transaction of $3,585,668.52. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 4,000 shares of Adobe Systems 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 transaction, the chief marketing officer now directly owns 46,828 shares in the company, 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.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. WFG Advisors LP increased its position 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 during the period. Advisory Services Network LLC increased its position in Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock valued at $118,000 after buying an additional 147 shares during the period. Integrated Investment Consultants LLC increased its position in Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock valued at $128,000 after buying an additional 935 shares during the period. NEXT Financial Group Inc increased its position in Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock valued at $137,000 after buying an additional 523 shares during the period. Finally, Cypress Capital Management LLC WY acquired a new position in Adobe Systems during the second quarter valued at approximately $142,000. 87.53% of the stock is currently owned by hedge funds and other institutional investors.
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.
To view Vetr’s full report, visit Vetr’s official website.
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