Adobe Systems Inc. (ADBE) PT Raised to $122.00
Adobe Systems Inc. (NASDAQ:ADBE) had its price target increased by analysts at Pacific Crest from $110.00 to $122.00 in a report issued on Wednesday. The brokerage presently has an “overweight” rating on the software company’s stock. Pacific Crest’s price objective would suggest a potential upside of 21.25% from the stock’s current price.
A number of other equities analysts have also commented on the stock. Morgan Stanley boosted their price target on shares of Adobe Systems from $100.00 to $110.00 and gave the company an “equal weight” rating in a research report on Wednesday. Goldman Sachs Group Inc. boosted their price target on shares of Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a research report on Wednesday. Credit Suisse Group AG restated a “neutral” rating and issued a $105.00 price target on shares of Adobe Systems in a research report on Wednesday. Citigroup Inc. restated a “buy” rating and issued a $117.00 price target on shares of Adobe Systems in a research report on Wednesday. Finally, Canaccord Genuity boosted their price target on shares of Adobe Systems from $110.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday. 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 stock presently has a consensus rating of “Buy” and an average price target of $107.74.
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 price-to-earnings ratio of 56.85 and a beta of 1.24. 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 quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. The firm had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.45 billion. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The company’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. On average, equities research analysts forecast that Adobe Systems will post $2.87 earnings per share for the current year.
In other news, CAO Richard Rowley sold 271 shares of the firm’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $95.68, for a total transaction of $25,929.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mark Garrett sold 26,899 shares of the firm’s stock in a transaction dated 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.
Institutional investors have recently added to or reduced their stakes in the company. WFG Advisors LP raised its position in Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock worth $110,000 after buying an additional 246 shares in the last quarter. Advisory Services Network LLC raised its position in Adobe Systems by 13.5% in the second quarter. Advisory Services Network LLC now owns 1,237 shares of the software company’s stock worth $118,000 after buying an additional 147 shares in the last quarter. Integrated Investment Consultants LLC raised its position in Adobe Systems by 231.4% in the second quarter. Integrated Investment Consultants LLC now owns 1,339 shares of the software company’s stock worth $128,000 after buying an additional 935 shares in the last quarter. NEXT Financial Group Inc raised its position in Adobe Systems by 57.0% in the second quarter. NEXT Financial Group Inc now owns 1,440 shares of the software company’s stock worth $137,000 after buying an additional 523 shares in the last quarter. Finally, Cypress Capital Management LLC WY acquired a new position in Adobe Systems during the second quarter worth approximately $142,000. 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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