Adobe Systems Inc. (ADBE) Price Target Raised to $116.00
Adobe Systems Inc. (NASDAQ:ADBE) had its target price boosted by equities researchers at Royal Bank Of Canada from $115.00 to $116.00 in a research note issued on Wednesday. The firm currently has an “outperform” rating on the software company’s stock. Royal Bank Of Canada’s price objective points to a potential upside of 15.29% from the stock’s current price.
ADBE has been the topic of several other research reports. Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Vetr upgraded Adobe Systems from a “sell” rating to a “hold” rating and set a $92.54 target price on the stock in a research report on Thursday, August 25th. Stephens assumed coverage on Adobe Systems in a research report on Wednesday, August 10th. They set an “overweight” rating and a $125.00 target price on the stock. Credit Suisse Group AG reiterated a “neutral” rating and set a $105.00 target price on shares of Adobe Systems in a research report on Wednesday. Finally, Cowen and Company set a $115.00 price target on Adobe Systems and gave the stock a “buy” rating in a report on Friday, September 16th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and an average target price of $108.14.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. The stock has a market cap of $50.14 billion, a P/E ratio of 56.85 and a beta of 1.24. 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 $104.16.
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Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The company had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 4,000 shares of the stock in a transaction on Friday, June 24th. The stock was sold at an average price of $92.39, for a total value of $369,560.00. Following the completion of the transaction, the chief marketing officer now directly owns 46,828 shares in the company, valued at $4,326,438.92. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Central Bank & Trust Company raised its position in shares of Adobe Systems by 25,229.5% in the fourth quarter. Central Bank & Trust Company now owns 54,965 shares of the software company’s stock valued at $5,163,000 after buying an additional 54,748 shares during the period. KSA Capital Management purchased a new position in shares of Adobe Systems during the third quarter valued at $1,644,000. Cape Cod Five Cents Savings Bank raised its position in shares of Adobe Systems by 3.3% in the fourth quarter. Cape Cod Five Cents Savings Bank now owns 56,445 shares of the software company’s stock valued at $5,303,000 after buying an additional 1,810 shares during the period. Fortaleza Asset Management Inc. raised its position in shares of Adobe Systems by 8.0% in the fourth quarter. Fortaleza Asset Management Inc. now owns 27,790 shares of the software company’s stock valued at $2,611,000 after buying an additional 2,060 shares during the period. Finally, Jacobs & Company raised its position in shares of Adobe Systems by 6.2% in the fourth quarter. Jacobs & Company now owns 35,364 shares of the software company’s stock valued at $3,176,000 after buying an additional 2,070 shares during the period. 87.53% of the stock is currently owned by institutional investors and hedge funds.
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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