Adobe Systems’ (ADBE) Buy Rating Reaffirmed at Piper Jaffray Companies
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating reaffirmed by stock analysts at Piper Jaffray Companies in a research report issued on Thursday. They currently have a $195.00 target price on the software company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 11.02% from the stock’s previous close.
Other equities analysts also recently issued research reports about the stock. Citigroup Inc. increased their price target on shares of Adobe Systems from $161.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Deutsche Bank AG increased their price target on shares of Adobe Systems from $140.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Stifel Nicolaus increased their price target on shares of Adobe Systems from $150.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, June 21st. Wunderlich reissued a “buy” rating and issued a $165.00 price objective (up from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Finally, Bank of America Corporation reissued a “buy” rating and issued a $184.00 price objective (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $168.59.
Shares of Adobe Systems (NASDAQ ADBE) traded up 2.28% during mid-day trading on Thursday, hitting $175.64. 6,019,412 shares of the stock traded hands. The firm’s 50 day moving average price is $153.06 and its 200 day moving average price is $144.36. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $175.87. The firm has a market cap of $86.58 billion, a price-to-earnings ratio of 55.22 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 EPS. On average, equities research analysts predict that Adobe Systems will post $4.22 EPS for the current fiscal year.
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In related news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the sale, the executive vice president now directly owns 56,356 shares in the company, valued at $8,784,773.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 5,859 shares of company stock worth $887,931. Company insiders own 0.38% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Capital Advisors Ltd. LLC bought a new stake in shares of Adobe Systems during the second quarter valued at about $100,000. CWM LLC raised its stake in shares of Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares in the last quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in shares of Adobe Systems by 86.2% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. bought a new stake in shares of Adobe Systems during the second quarter valued at about $141,000. Finally, Acrospire Investment Management LLC raised its stake in shares of Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares in the last quarter. Institutional investors and hedge funds own 87.49% 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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