Adobe Systems Inc. (NASDAQ:ADBE) had its target price lifted by equities researchers at Goldman Sachs Group Inc. from $104.00 to $112.00 in a note issued to investors on Wednesday. The brokerage presently has a “neutral” rating on the software company’s stock. Goldman Sachs Group Inc.’s price target would indicate a potential upside of 11.31% from the company’s previous close.

A number of other research firms have also recently weighed in on ADBE. Credit Suisse Group AG lifted their price target on Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, June 1st. Vetr cut Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price target on the stock. in a report on Tuesday, July 5th. Rosenblatt Securities reaffirmed a “buy” rating and set a $112.00 price target on shares of Adobe Systems in a report on Monday, June 13th. Canaccord Genuity reaffirmed a “buy” rating and set a $110.00 price target on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Sanford C. Bernstein reiterated an “outperform” rating and set a $114.00 price objective (up previously from $113.00) on shares of Adobe Systems in a research note on Wednesday, June 22nd. Eight analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Adobe Systems presently has an average rating of “Buy” and an average target price of $107.74.

Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. The firm’s 50 day moving average price is $100.45 and its 200-day moving average price is $96.50. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $104.16. The stock has a market cap of $50.14 billion, a price-to-earnings ratio of 56.85 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 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, compared to analysts’ expectations of $1.45 billion. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The business’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.54 earnings per share. Analysts expect that Adobe Systems will post $2.87 EPS for the current year.

In related news, EVP Bradley Rencher sold 37,562 shares of the company’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $95.46, for a total value of $3,585,668.52. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CMO Ann Lewnes sold 4,000 shares of the company’s stock in a transaction dated Friday, June 24th. The shares were sold at an average price of $92.39, for a total transaction of $369,560.00. Following the completion of the sale, the chief marketing officer now directly owns 46,828 shares in the company, valued at approximately $4,326,438.92. 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 the stock. FMR LLC boosted 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. boosted 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 during the last quarter. JPMorgan Chase & Co. boosted 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 last quarter. Bank of New York Mellon Corp boosted 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 during the last quarter. Finally, Janus Capital Management LLC boosted 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 last quarter. 87.53% of the stock is currently 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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