Adobe Systems Inc. (ADBE) Given New $112.00 Price Target at Goldman Sachs Group Inc.
Adobe Systems Inc. (NASDAQ:ADBE) had its target price hoisted by equities research analysts at Goldman Sachs Group Inc. from $104.00 to $112.00 in a report released on Wednesday. The brokerage presently has a “neutral” rating on the software company’s stock. Goldman Sachs Group Inc.’s target price suggests a potential upside of 3.92% from the stock’s previous close.
A number of other equities analysts also recently issued reports on ADBE. Zacks Investment Research downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, May 24th. 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 research note on Tuesday, May 24th. Credit Suisse Group AG raised their target price 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. Barclays PLC raised their target price on shares of Adobe Systems to $75.00 in a research note on Tuesday, June 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $112.00 target price on shares of Adobe Systems in a research note on Monday, June 13th. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Adobe Systems currently has an average rating of “Buy” and an average target price of $108.30.
Adobe Systems (NASDAQ:ADBE) traded up 7.12% during mid-day trading on Wednesday, reaching $107.78. The company’s stock had a trading volume of 8,763,944 shares. The firm has a 50 day moving average price of $100.45 and a 200 day moving average price of $96.50. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $108.22. The company has a market cap of $53.71 billion, a price-to-earnings ratio of 60.89 and a beta of 1.24.
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Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) 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 company earned $1.46 billion during the quarter. During the same period in the previous year, the company earned $0.54 earnings per share. Adobe Systems’s quarterly revenue was up 20.2% on a year-over-year basis. Equities research analysts anticipate that Adobe Systems will post $2.87 earnings per share for the current year.
In related news, CFO Mark Garrett sold 26,899 shares of Adobe Systems stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Michael A. Dillon sold 5,450 shares of Adobe Systems stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $101.85, for a total transaction of $555,082.50. Following the transaction, the executive vice president now directly owns 44,324 shares of the company’s stock, valued at $4,514,399.40. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Douglas Lane & Associates LLC purchased a new position in Adobe Systems during the first quarter worth approximately $7,380,000. Factory Mutual Insurance Co. boosted its position in Adobe Systems by 348.6% in the first quarter. Factory Mutual Insurance Co. now owns 314,000 shares of the software company’s stock worth $29,453,000 after buying an additional 244,000 shares in the last quarter. Commonwealth Equity Services Inc boosted its position in Adobe Systems by 3.9% in the first quarter. Commonwealth Equity Services Inc now owns 26,453 shares of the software company’s stock worth $2,481,000 after buying an additional 989 shares in the last quarter. Aperio Group LLC boosted its position in Adobe Systems by 6.8% in the first quarter. Aperio Group LLC now owns 207,694 shares of the software company’s stock worth $19,482,000 after buying an additional 13,278 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. purchased a new position in Adobe Systems during the first quarter worth approximately $1,026,000. 87.53% of the stock is 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.
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