Adobe Systems Inc. (ADBE) Given New $122.00 Price Target at Pacific Crest
Adobe Systems Inc. (NASDAQ:ADBE) had its price target boosted by analysts at Pacific Crest from $110.00 to $122.00 in a note issued to investors on Wednesday. The firm presently has an “overweight” rating on the software company’s stock. Pacific Crest’s price objective points to a potential upside of 13.19% from the company’s current price.
A number of other brokerages also recently issued reports on ADBE. Credit Suisse Group AG lifted their price target on shares of Adobe Systems from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 1st. Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price target for the company. in a research note on Tuesday, July 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $112.00 price target on shares of Adobe Systems in a research note on Monday, June 13th. Goldman Sachs Group Inc. raised their price objective on shares of Adobe Systems from $104.00 to $112.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Canaccord Genuity reissued a “buy” rating and set a $110.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Eight investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and an average target price of $108.30.
Adobe Systems (NASDAQ:ADBE) traded up 7.12% on Wednesday, hitting $107.78. 8,763,944 shares of the company traded hands. The stock’s 50-day moving average is $100.45 and its 200 day moving average is $96.50. Adobe Systems has a 12 month low of $71.27 and a 12 month high of $108.22. The firm has a market capitalization 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 issued its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the prior year, the firm earned $0.54 EPS. The firm’s revenue was up 20.2% compared to the same quarter last year. Equities analysts forecast that Adobe Systems will post $2.87 EPS for the current fiscal year.
In related news, EVP Bradley Rencher sold 37,562 shares of the 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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total transaction of $2,783,239.53. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
A number of hedge funds have recently bought and sold shares of ADBE. Brown Advisory Inc. increased its stake in 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 worth $366,768,000 after buying an additional 3,805,145 shares during the period. FMR LLC increased its stake in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock worth $3,481,242,000 after buying an additional 2,249,163 shares during the period. Janus Capital Management LLC increased its stake in 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 period. JPMorgan Chase & Co. increased its stake in 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 period. Finally, Wellington Management Group LLP increased its stake in 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 worth $512,441,000 after buying an additional 1,726,306 shares during the period. 87.53% of the stock is owned by hedge funds and other institutional investors.
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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