Adobe Systems Inc. (ADBE) Given New $120.00 Price Target at Cowen and Company
Adobe Systems Inc. (NASDAQ:ADBE) had its target price boosted by analysts at Cowen and Company from $115.00 to $120.00 in a research report issued to clients and investors on Wednesday. The firm currently has an “outperform” rating on the software company’s stock. Cowen and Company’s target price suggests a potential upside of 11.34% from the stock’s previous close.
A number of other brokerages have also recently issued reports on ADBE. Vetr raised shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 target price for the company in a research report on Thursday, September 8th. Robert W. Baird raised shares of Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 target price for the company in a research report on Thursday, August 25th. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 19th. Citigroup Inc. reissued a “buy” rating and issued a $117.00 target price on shares of Adobe Systems in a research report on Wednesday. Finally, Goldman Sachs Group Inc. boosted their target price on shares of Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Adobe Systems currently has an average rating of “Buy” and a consensus target price of $108.30.
Shares of Adobe Systems (NASDAQ:ADBE) traded up 7.12% on Wednesday, hitting $107.78. 8,763,819 shares of the stock were exchanged. Adobe Systems has a one year low of $71.27 and a one year high of $108.22. The firm’s 50-day moving average is $100.45 and its 200-day moving average is $96.50. The company has a market cap of $53.71 billion, a P/E ratio of 60.89 and a beta of 1.24.
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Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 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 firm earned $1.46 billion during the quarter. During the same period last year, the firm earned $0.54 earnings per share. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts forecast that Adobe Systems will post $2.87 EPS for the current fiscal year.
In related news, CAO Richard Rowley sold 271 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $95.68, for a total value of $25,929.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Douglas Lane & Associates LLC bought a new stake in Adobe Systems during the first quarter worth approximately $7,380,000. Factory Mutual Insurance Co. raised its stake 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 during the last quarter. Commonwealth Equity Services Inc raised its stake 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 during the last quarter. Aperio Group LLC raised its stake 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 during the last quarter. Finally, Mn Services Vermogensbeheer B.V. bought a new stake in Adobe Systems during the first quarter worth approximately $1,026,000. 87.53% of the stock is 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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