Morgan Stanley Boosts Adobe Systems Inc. (ADBE) Price Target to $110.00
Adobe Systems Inc. (NASDAQ:ADBE) had its price objective increased by equities research analysts at Morgan Stanley from $100.00 to $110.00 in a note issued to investors on Wednesday. The firm presently has an “equal weight” rating on the software company’s stock. Morgan Stanley’s price target would suggest a potential upside of 2.06% from the stock’s current price.
Other research analysts also recently issued reports about the company. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 price target on the stock in a research report on Thursday, September 8th. Robert W. Baird raised Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price target on the stock in a research report on Thursday, August 25th. Zacks Investment Research downgraded Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 19th. Citigroup Inc. reaffirmed a “buy” rating and issued a $117.00 price target on shares of Adobe Systems in a research report on Wednesday. Finally, Goldman Sachs Group Inc. lifted their price target on Adobe Systems from $104.00 to $112.00 and gave the stock a “neutral” rating in a research report on Wednesday. Eight research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Adobe Systems 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’s stock had a trading volume of 8,763,944 shares. 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 $53.71 billion, a price-to-earnings ratio of 60.89 and a beta of 1.24. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $108.22.
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Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data 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. Adobe Systems had a return on equity of 13.86% and a net margin of 16.88%. The business had revenue of $1.46 billion for the quarter. During the same period in the previous year, the business posted $0.54 earnings per share. The firm’s revenue was up 20.2% on a year-over-year basis. On average, analysts predict that Adobe Systems will post $2.87 EPS for the current fiscal year.
In related 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 transaction of $25,929.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Ngam Advisors L.P. boosted its position in shares of Adobe Systems by 6.8% in the first quarter. Ngam Advisors L.P. now owns 123,437 shares of the software company’s stock valued at $11,578,000 after buying an additional 7,874 shares during the period. Pacad Investment Ltd. bought a new position in shares of Adobe Systems during the first quarter valued at approximately $6,155,000. Addenda Capital Inc. boosted its position in shares of Adobe Systems by 0.3% in the first quarter. Addenda Capital Inc. now owns 44,529 shares of the software company’s stock valued at $4,177,000 after buying an additional 131 shares during the period. Torray LLC boosted its position in shares of Adobe Systems by 54.9% in the first quarter. Torray LLC now owns 536,216 shares of the software company’s stock valued at $50,297,000 after buying an additional 190,121 shares during the period. Finally, Outfitter Advisors LTD. boosted its position in shares of Adobe Systems by 8.6% in the first quarter. Outfitter Advisors LTD. now owns 46,967 shares of the software company’s stock valued at $4,406,000 after buying an additional 3,710 shares during the period. 87.53% of the stock is owned by hedge funds and other 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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