Morgan Stanley Raises Adobe Systems Inc. (ADBE) Price Target to $110.00
Adobe Systems Inc. (NASDAQ:ADBE) had its price target boosted by research analysts at Morgan Stanley from $100.00 to $110.00 in a research report issued to clients and investors on Wednesday. The firm presently has an “equal weight” rating on the software company’s stock. Morgan Stanley’s target price points to a potential upside of 9.32% from the stock’s previous close.
ADBE has been the topic of a number of other reports. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 price objective 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 report on Thursday, August 25th. Cowen and Company set a $115.00 price target on Adobe Systems and gave the stock a “buy” rating in a report on Friday, September 16th. Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. Finally, Credit Suisse Group AG boosted 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. Eight equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $107.74.
Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. Adobe Systems has a one year low of $71.27 and a one year high of $104.16. The stock has a 50 day moving average of $100.45 and a 200 day moving average of $96.50. The company has a market cap of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24.
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Adobe Systems (NASDAQ:ADBE) last posted 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 firm had revenue of $1.46 billion for the quarter, compared to analysts’ expectations of $1.45 billion. During the same period in the previous year, the firm earned $0.54 EPS. The business’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts anticipate that Adobe Systems will post $2.87 earnings per share for the current fiscal year.
In other news, CAO Richard Rowley sold 271 shares of the stock in a transaction dated 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 document filed with the SEC, which is available through this link. Also, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction dated 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. 0.43% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. FMR LLC raised 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. raised its position 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 in the last quarter. JPMorgan Chase & Co. raised its position 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 in the last quarter. Bank of New York Mellon Corp raised its position 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 in the last quarter. Finally, Janus Capital Management LLC raised its position 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 in the last quarter. 87.53% of the stock is currently owned by institutional investors and hedge funds.
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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