Adobe Systems’ (ADBE) “Buy” Rating Reaffirmed at Stifel Nicolaus
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating reissued by investment analysts at Stifel Nicolaus in a research note issued on Thursday, MarketBeat Ratings reports. They presently have a $175.00 price objective on the software company’s stock, up from their prior price objective of $163.00. Stifel Nicolaus’ price objective indicates a potential downside of 0.36% from the stock’s current price.
ADBE has been the subject of a number of other reports. Bank of America Corporation reaffirmed a “buy” rating and set a $184.00 price target (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Credit Suisse Group reaffirmed a “positive” rating and set a $170.00 price target (up from $160.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Robert W. Baird reaffirmed a “buy” rating and set a $160.00 price target on shares of Adobe Systems in a research note on Friday, September 1st. J P Morgan Chase & Co reaffirmed a “buy” rating and set a $185.00 price target on shares of Adobe Systems in a research note on Thursday. Finally, Pivotal Research raised Adobe Systems from a “sell” rating to a “hold” rating and raised their price target for the stock from $118.00 to $160.00 in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $168.59.
Adobe Systems (ADBE) traded up 2.28% on Thursday, reaching $175.64. 6,019,412 shares of the company’s stock were exchanged. Adobe Systems has a 1-year low of $98.00 and a 1-year high of $175.87. The firm’s 50 day moving average is $153.06 and its 200 day moving average is $144.36. The stock has a market capitalization of $86.58 billion, a P/E ratio of 54.72 and a beta of 0.98.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the company posted $0.75 EPS. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. Analysts expect that Adobe Systems will post $4.22 EPS for the current year.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the transaction, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders sold 5,859 shares of company stock valued at $887,931. Insiders own 0.38% of the company’s stock.
Several hedge funds have recently bought and sold shares of ADBE. Waldron LP boosted its position in shares of Adobe Systems by 96.9% during the first quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after buying an additional 2,701 shares during the period. Ithaka Group LLC boosted its position in shares of Adobe Systems by 6.1% during the first quarter. Ithaka Group LLC now owns 172,490 shares of the software company’s stock worth $22,446,000 after buying an additional 9,945 shares during the period. Abbrea Capital LLC acquired a new position in shares of Adobe Systems during the first quarter worth about $269,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of Adobe Systems by 257.8% during the first quarter. Bronfman E.L. Rothschild L.P. now owns 3,227 shares of the software company’s stock worth $420,000 after buying an additional 2,325 shares during the period. Finally, Martingale Asset Management L P boosted its position in shares of Adobe Systems by 106.4% during the first quarter. Martingale Asset Management L P now owns 266,648 shares of the software company’s stock worth $34,700,000 after buying an additional 137,430 shares during the period. 87.49% of the stock is owned by institutional investors.
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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