Canaccord Genuity Raises Adobe Systems Inc. (ADBE) Price Target to $120.00
Adobe Systems Inc. (NASDAQ:ADBE) had its price objective boosted by equities research analysts at Canaccord Genuity from $110.00 to $120.00 in a report released on Wednesday. The firm presently has a “buy” rating on the software company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 11.34% from the company’s previous close.
ADBE has been the subject of a number of other research reports. Zacks Investment Research downgraded Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $92.54 price target for the company in a research report on Thursday, August 25th. Stephens began coverage on Adobe Systems in a research report on Wednesday, August 10th. They set an “overweight” rating and a $125.00 price target for the company. Cowen and Company boosted their price target on Adobe Systems to $115.00 and gave the company an “outperform” rating in a research report on Friday, September 16th. Finally, Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of Adobe Systems in a research report on Thursday, June 23rd. Eight research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $108.30.
Adobe Systems (NASDAQ:ADBE) traded up 7.12% during trading on Wednesday, reaching $107.78. The company had a trading volume of 8,764,529 shares. The company has a market capitalization of $53.71 billion, a P/E ratio of 60.89 and a beta of 1.24. Adobe Systems has a 12 month low of $71.27 and a 12 month high of $108.22. The firm’s 50 day moving average is $100.78 and its 200-day moving average is $96.58.
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Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm earned $1.46 billion during the quarter. During the same period last year, the firm posted $0.54 EPS. Adobe Systems’s revenue was up 20.2% on a year-over-year basis. On average, equities analysts expect that Adobe Systems will post $2.87 earnings per share for the current year.
In other news, CMO Ann Lewnes sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the completion of the transaction, the chief marketing officer now directly owns 46,828 shares of the company’s stock, valued at $4,326,438.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Garrett sold 26,899 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total value of $2,783,239.53. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
Several institutional investors have recently bought and sold shares of the stock. 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 valued at $110,000 after buying an additional 246 shares during the period. 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 valued at $118,000 after buying an additional 147 shares during the period. 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 valued at $128,000 after buying an additional 935 shares during the period. 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 valued at $137,000 after buying an additional 523 shares during the period. Finally, Cypress Capital Management LLC WY bought a new position in Adobe Systems during the second quarter valued at approximately $142,000. 87.53% of the stock is owned by institutional investors.
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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