Pivotal Research Boosts Adobe Systems Inc. (ADBE) Price Target to $125.00
Adobe Systems Inc. (NASDAQ:ADBE) had its target price hoisted by research analysts at Pivotal Research from $124.00 to $125.00 in a research note issued on Wednesday. The brokerage presently has a “buy” rating on the software company’s stock. Pivotal Research’s price objective suggests a potential upside of 24.23% from the stock’s current price.
ADBE has been the topic of a number of other reports. Zacks Investment Research lowered Adobe Systems from a “buy” rating to a “hold” rating in a report on Tuesday, May 24th. Vetr lowered Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $109.00 price objective on the stock. in a report on Tuesday, May 24th. Credit Suisse Group AG increased their price objective on Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, June 1st. Barclays PLC increased their price objective on Adobe Systems to $75.00 in a report on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $100.00 price objective on shares of Adobe Systems in a report on Thursday, June 9th. Eight research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $107.74.
Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. The stock has a market capitalization of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24. Adobe Systems has a 12-month low of $71.27 and a 12-month high of $104.16. The company has a 50-day moving average price of $100.45 and a 200-day moving average price of $96.50.
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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 analysts’ consensus estimates 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, compared to analysts’ expectations of $1.45 billion. During the same period last year, the business posted $0.54 earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. Analysts expect that Adobe Systems will post $2.87 earnings per share for the current fiscal year.
In related news, CFO Mark Garrett sold 26,899 shares of the business’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total transaction of $2,783,239.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO Ann Lewnes sold 4,000 shares of the business’s stock in a transaction 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 transaction, 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. Corporate insiders own 0.43% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Douglas Lane & Associates LLC bought a new position in Adobe Systems during the first quarter valued at approximately $7,380,000. Factory Mutual Insurance Co. increased its stake in shares of Adobe Systems by 348.6% in the first quarter. Factory Mutual Insurance Co. now owns 314,000 shares of the software company’s stock worth $29,453,000 after buying an additional 244,000 shares during the period. Commonwealth Equity Services Inc increased its stake in shares of Adobe Systems by 3.9% in the first quarter. Commonwealth Equity Services Inc now owns 26,453 shares of the software company’s stock worth $2,481,000 after buying an additional 989 shares during the period. Aperio Group LLC increased its stake in shares of Adobe Systems by 6.8% in the first quarter. Aperio Group LLC now owns 207,694 shares of the software company’s stock worth $19,482,000 after buying an additional 13,278 shares during the period. Finally, Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Adobe Systems during the first quarter worth about $1,026,000. 87.53% of the stock is owned by hedge funds and other institutional investors.
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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