Adobe Systems Inc. (NASDAQ:ADBE) had its target price lifted by analysts at Cowen and Company from $115.00 to $120.00 in a research note issued to investors on Wednesday. The brokerage presently has an “outperform” rating on the software company’s stock. Cowen and Company’s target price would suggest a potential upside of 19.26% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price objective for the company. in a research report on Tuesday, July 5th. Stephens initiated coverage on shares of Adobe Systems in a research report on Wednesday, August 10th. They set an “overweight” rating and a $125.00 price objective for the company. Barclays PLC boosted their price objective on shares of Adobe Systems to $75.00 in a research report on Tuesday, June 7th. Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $100.00 price objective on shares of Adobe Systems in a research report on Thursday, June 9th. Finally, Robert W. Baird raised shares of Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price objective for the company in a research report on Thursday, August 25th. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $108.30.

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

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Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, beating 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 business earned $1.46 billion during the quarter. During the same period in the prior year, the company earned $0.54 EPS. Adobe Systems’s quarterly revenue was up 20.2% on a year-over-year basis. On average, equities research analysts forecast that Adobe Systems will post $2.87 earnings per share for the current year.

In other Adobe Systems news, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.46, for a total value of $3,585,668.52. The sale was disclosed in a filing with the Securities & Exchange Commission, 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 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 of the company’s stock, valued at $4,326,438.92. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. FMR LLC boosted its position in shares of 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of 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 period. JPMorgan Chase & Co. boosted its stake in shares of 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. Bank of New York Mellon Corp boosted its stake in shares of 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 period. Finally, Janus Capital Management LLC boosted its stake in shares of 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. 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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