Adobe Systems Inc. (NASDAQ:ADBE) had its target price increased by Royal Bank Of Canada from $115.00 to $116.00 in a report released on Wednesday. The brokerage currently has an “outperform” rating on the software company’s stock. Royal Bank Of Canada’s target price points to a potential upside of 15.29% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Citigroup Inc. reiterated a “buy” rating and issued a $117.00 price target on shares of Adobe Systems in a report on Wednesday. Goldman Sachs Group Inc. lifted their target price on shares of Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a report on Wednesday. Canaccord Genuity lifted their target price on shares of Adobe Systems from $110.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday. Morgan Stanley lifted their target price on shares of Adobe Systems from $100.00 to $110.00 and gave the company an “equal weight” rating in a report on Wednesday. Finally, Pacific Crest lifted their target price on shares of Adobe Systems from $110.00 to $122.00 and gave the company an “overweight” rating in a report on Wednesday. Eight equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $108.30.

Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. The firm has a 50-day moving average of $100.45 and a 200 day moving average of $96.50. The firm has a market cap of $50.14 billion, a P/E ratio of 56.85 and a beta of 1.24. Adobe Systems has a 1-year low of $71.27 and a 1-year high of $104.16.

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Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. The company had revenue of $1.46 billion for the quarter. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 EPS. On average, analysts predict that Adobe Systems will post $2.87 EPS for the current year.

In related news, CMO Ann Lewnes sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $92.39, for a total value of $369,560.00. Following the sale, the chief marketing officer now directly owns 46,828 shares in the company, valued at approximately $4,326,438.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley Rencher sold 37,562 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The stock was sold at an average price of $95.46, for a total transaction of $3,585,668.52. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. 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 last quarter. Vanguard Group Inc. raised its stake in 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 in the last quarter. JPMorgan Chase & Co. raised 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 in the last quarter. Bank of New York Mellon Corp raised its stake in 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 in the last quarter. Finally, Janus Capital Management LLC raised 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 in 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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