Adobe Systems Inc. (ADBE) Sets New 12-Month High Following Better-Than-Expected Earnings
Adobe Systems Inc. (NASDAQ:ADBE)’s share price reached a new 52-week high during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $108.19 and last traded at $107.01, with a volume of 5,881,056 shares. The stock had previously closed at $100.62.
The software company reported $0.75 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 earned $1.46 billion during the quarter. During the same quarter in the prior year, the firm posted $0.54 earnings per share. The business’s revenue was up 20.2% compared to the same quarter last year.
ADBE has been the subject of several research reports. Credit Suisse Group AG lifted their price target on Adobe Systems from $65.00 to $70.00 and gave the stock a “neutral” rating in a report on Wednesday, June 1st. Vetr cut Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $109.00 price objective for the company. in a report on Tuesday, May 24th. Cowen and Company lifted their price objective on Adobe Systems from $115.00 to $120.00 and gave the company an “outperform” rating in a report on Wednesday. Goldman Sachs Group Inc. lifted their price target on Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Canaccord Genuity lifted their price target on Adobe Systems from $110.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday. Eight research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. Adobe Systems presently has a consensus rating of “Buy” and an average target price of $108.30.
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In other news, CAO Richard Rowley sold 271 shares of the stock in a transaction that occurred 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 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 that occurred 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 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. 0.43% of the stock is owned by insiders.
Several hedge funds have recently modified their holdings of ADBE. Brown Advisory Inc. increased its stake in shares of Adobe Systems by 16,033.1% in the second quarter. Brown Advisory Inc. now owns 3,828,878 shares of the software company’s stock valued at $366,768,000 after buying an additional 3,805,145 shares during the period. FMR LLC raised its position in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock valued at $3,481,242,000 after buying an additional 2,249,163 shares in the last quarter. Janus Capital Management LLC raised its position 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 valued at $1,279,159,000 after buying an additional 2,215,100 shares in the last quarter. JPMorgan Chase & Co. raised its position 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 valued at $1,646,671,000 after buying an additional 1,764,349 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Adobe Systems by 46.2% in the first quarter. Wellington Management Group LLP now owns 5,463,118 shares of the software company’s stock valued at $512,441,000 after buying an additional 1,726,306 shares in the last quarter. 87.53% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50-day moving average is $100.45 and its 200-day moving average is $96.50. The firm has a market capitalization of $53.34 billion, a P/E ratio of 60.47 and a beta of 1.24.
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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