Adobe Systems Inc. (ADBE) Given Neutral Rating at Credit Suisse Group AG
Adobe Systems Inc. (NASDAQ:ADBE)‘s stock had its “neutral” rating reaffirmed by equities research analysts at Credit Suisse Group AG in a research report issued on Wednesday. They currently have a $105.00 target price on the software company’s stock. Credit Suisse Group AG’s price objective points to a potential downside of 2.58% from the stock’s current price.
Other equities research analysts have also recently issued reports about the stock. Citigroup Inc. reiterated a “buy” rating and set a $117.00 price objective on shares of Adobe Systems in a research report on Wednesday. Canaccord Genuity raised their price target on shares of Adobe Systems from $110.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Friday, August 19th. Rosenblatt Securities raised their price target on shares of Adobe Systems from $112.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, June 22nd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $104.00 price target on shares of Adobe Systems in a report on Wednesday, June 22nd. Eight research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $108.30.
Shares of Adobe Systems (NASDAQ:ADBE) traded up 7.12% during trading on Wednesday, hitting $107.78. 8,764,529 shares of the stock were exchanged. The firm’s 50 day moving average price is $100.78 and its 200-day moving average price is $96.58. The stock has a market cap of $53.71 billion, a P/E ratio of 60.89 and a beta of 1.24. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $108.22.
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Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the Thomson Reuters’ 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 company earned $1.46 billion during the quarter. During the same quarter last year, the company earned $0.54 earnings per share. The company’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, analysts predict that Adobe Systems will post $2.87 EPS for the current year.
In other Adobe Systems news, CMO Ann Lewnes sold 4,000 shares of Adobe Systems stock in a transaction that occurred 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 in the company, valued at $4,326,438.92. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Richard Rowley sold 271 shares of Adobe Systems stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $95.68, for a total transaction of $25,929.28. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
A number of large investors have recently made changes to their positions in ADBE. FMR LLC raised its stake 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 last quarter. Vanguard Group Inc. raised its stake in shares of Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock worth $2,953,789,000 after buying an additional 1,325,228 shares during the last quarter. JPMorgan Chase & Co. raised its stake 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 worth $1,646,671,000 after buying an additional 1,764,349 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock worth $1,490,013,000 after buying an additional 211,475 shares during the last quarter. Finally, Janus Capital Management LLC raised its stake 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 worth $1,279,159,000 after buying an additional 2,215,100 shares during the last quarter. Institutional investors and hedge funds own 87.53% of the company’s stock.
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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