Adobe Systems Incorporated (ADBE) Earns Buy Rating from Barclays PLC
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating reaffirmed by analysts at Barclays PLC in a note issued to investors on Friday. They currently have a $167.00 price target on the software company’s stock. Barclays PLC’s target price would suggest a potential upside of 8.10% from the company’s previous close.
A number of other brokerages have also recently commented on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research note on Tuesday. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price objective on shares of Adobe Systems in a research note on Tuesday. Piper Jaffray Companies reissued a “buy” rating and issued a $180.00 price objective on shares of Adobe Systems in a research note on Tuesday. Zacks Investment Research cut Adobe Systems from a “hold” rating to a “sell” rating in a research note on Thursday. Finally, Vetr cut Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price objective for the company. in a research note on Thursday, August 31st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Adobe Systems currently has a consensus rating of “Buy” and a consensus price target of $154.08.
Adobe Systems (ADBE) traded down 0.30% during trading on Friday, reaching $154.49. The company’s stock had a trading volume of 3,012,822 shares. Adobe Systems has a 12 month low of $98.00 and a 12 month high of $157.89. The stock has a market cap of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00. The company’s 50-day moving average is $151.06 and its 200-day moving average is $139.34.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The firm’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. Equities analysts expect that Adobe Systems will post $4.06 EPS for the current fiscal year.
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In other news, Director John E. Warnock sold 32,600 shares of the company’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Donna Morris sold 5,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $145.00, for a total value of $725,000.00. The disclosure for this sale can be found here. Insiders sold a total of 101,959 shares of company stock valued at $14,870,874 over the last quarter. Company insiders own 0.38% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of ADBE. FMR LLC boosted its holdings in Adobe Systems by 4.9% during the 2nd quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after acquiring an additional 1,651,762 shares during the period. BlackRock Inc. boosted its holdings in Adobe Systems by 8.2% during the 2nd quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after acquiring an additional 2,621,275 shares during the period. Vanguard Group Inc. boosted its holdings in Adobe Systems by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after acquiring an additional 943,487 shares during the period. State Street Corp boosted its holdings in Adobe Systems by 1.2% during the 1st quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after acquiring an additional 234,270 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Adobe Systems by 784.4% during the 2nd quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after acquiring an additional 9,957,241 shares during the period. Hedge funds and other institutional investors own 87.53% of the company’s stock.
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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