Adobe Systems Incorporated (ADBE) Given “Outperform” Rating at Cowen and Company
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “outperform” rating restated by equities research analysts at Cowen and Company in a research note issued on Tuesday. They presently have a $165.00 target price on the software company’s stock. Cowen and Company’s price target suggests a potential upside of 11.04% from the company’s current price.
Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada restated a “buy” rating on shares of Adobe Systems in a research report on Wednesday, September 20th. Canaccord Genuity reaffirmed a “buy” rating and set a $170.00 price objective (up previously from $165.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Oppenheimer Holdings Inc. reiterated a “hold” rating on shares of Adobe Systems in a report on Wednesday, September 20th. Stifel Nicolaus reiterated a “buy” rating and issued a $163.00 price objective on shares of Adobe Systems in a report on Wednesday, September 20th. Finally, Sanford C. Bernstein reissued an “outperform” rating and issued a $179.00 target price (up from $168.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $158.25.
Adobe Systems (NASDAQ ADBE) traded up 0.45% during trading on Tuesday, reaching $148.60. 1,808,225 shares of the company’s stock traded hands. Adobe Systems has a one year low of $98.00 and a one year high of $157.89. The company has a 50-day moving average price of $151.67 and a 200 day moving average price of $141.89. The firm has a market capitalization of $73.25 billion, a PE ratio of 46.71 and a beta of 0.99.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. On average, analysts anticipate that Adobe Systems will post $4.22 earnings per share for the current fiscal year.
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In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total value of $286,466.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles M. Geschke sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $145.16, for a total value of $3,629,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 53,359 shares of company stock worth $7,868,382. 0.38% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. 1ST Source Bank lifted its stake in Adobe Systems by 0.3% during the second quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after purchasing an additional 6 shares during the last quarter. Guardian Life Insurance Co. of America boosted its holdings in Adobe Systems by 0.7% in the first quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock valued at $250,000 after purchasing an additional 13 shares in the last quarter. Perigon Wealth Management LLC boosted its holdings in Adobe Systems by 0.4% in the first quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock valued at $387,000 after purchasing an additional 13 shares in the last quarter. Trust Co. of Vermont boosted its holdings in Adobe Systems by 0.6% in the second quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock valued at $372,000 after purchasing an additional 16 shares in the last quarter. Finally, Bank of Stockton boosted its holdings in Adobe Systems by 0.4% in the second quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock valued at $743,000 after purchasing an additional 20 shares in the last quarter. Institutional investors and hedge funds own 87.43% of the company’s stock.
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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