Adobe Systems Incorporated (ADBE) Upgraded to “Hold” at Pivotal Research
Adobe Systems Incorporated (NASDAQ:ADBE) was upgraded by equities researchers at Pivotal Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday, The Fly reports.
Other analysts have also issued research reports about the stock. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a report on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price target on shares of Adobe Systems in a report on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and issued a $170.00 price target (up previously from $165.00) on shares of Adobe Systems in a report on Wednesday, September 20th. Wells Fargo & Company reissued a “hold” rating and issued a $145.00 price target (up previously from $127.50) on shares of Adobe Systems in a report on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $163.00 price target on shares of Adobe Systems in a report on Wednesday, September 20th. Nine analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $158.16.
Shares of Adobe Systems (NASDAQ ADBE) traded up 1.74% during trading on Wednesday, reaching $153.00. The company had a trading volume of 4,290,947 shares. The company has a market cap of $75.42 billion, a P/E ratio of 48.10 and a beta of 0.98. The firm has a 50-day moving average of $151.96 and a 200-day moving average of $143.83. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $157.89.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the previous year, the company posted $0.75 earnings per share. Adobe Systems’s quarterly revenue was up 25.8% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Systems will post $4.22 EPS for the current year.
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In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares in the company, valued at approximately $8,784,773.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Donna Morris sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,359 shares of company stock worth $4,255,181. 0.38% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of ADBE. Waldron LP lifted its holdings in shares of Adobe Systems by 96.9% during the 1st quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after acquiring an additional 2,701 shares during the period. Egerton Capital UK LLP bought a new stake in shares of Adobe Systems during the 1st quarter worth approximately $209,666,000. RWC Asset Management LLP bought a new stake in shares of Adobe Systems during the 1st quarter worth approximately $12,883,000. South State Corp lifted its holdings in shares of Adobe Systems by 167.5% during the 1st quarter. South State Corp now owns 19,979 shares of the software company’s stock worth $2,599,000 after acquiring an additional 12,511 shares during the period. Finally, Tiedemann Wealth Management LLC lifted its holdings in shares of Adobe Systems by 118.3% during the 1st quarter. Tiedemann Wealth Management LLC now owns 6,788 shares of the software company’s stock worth $883,000 after acquiring an additional 3,678 shares during the period. 87.49% of the stock is owned by 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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