Adobe Systems Incorporated (ADBE) Rating Reiterated by Credit Suisse Group
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “outperform” rating reaffirmed by Credit Suisse Group in a research note issued to investors on Thursday. They presently have a $190.00 price target on the software company’s stock, up from their prior price target of $170.00. Credit Suisse Group’s price target points to a potential upside of 8.18% from the stock’s current price.
Several other research firms have also commented on ADBE. Canaccord Genuity reissued a “buy” rating and issued a $165.00 price objective (up from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. BMO Capital Markets reaffirmed an “outperform” rating and set a $165.00 target price on shares of Adobe Systems in a research report on Thursday, September 21st. Robert W. Baird set a $160.00 target price on Adobe Systems and gave the stock a “buy” rating in a research report on Friday, October 6th. Finally, Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a research report on Monday, July 31st. One research analyst has rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock 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 midday trading on Thursday, reaching $175.64. The company’s stock had a trading volume of 6,019,412 shares. The firm has a market capitalization of $86.58 billion, a price-to-earnings ratio of 54.72 and a beta of 0.98. Adobe Systems has a 52 week low of $98.00 and a 52 week high of $175.87. The firm’s 50 day moving average is $153.06 and its 200 day moving average is $144.36.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the 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 company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the company posted $0.75 earnings per share. The firm’s revenue was up 25.8% compared to the same quarter last year. Equities analysts forecast that Adobe Systems will post $4.22 EPS for the current fiscal year.
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In other news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total transaction of $297,031.77. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 5,859 shares of company stock worth $887,931. 0.38% of the stock is currently owned by corporate insiders.
A number of large investors have recently modified their holdings of ADBE. BlackRock Inc. boosted its holdings in Adobe Systems by 1,894.1% in the first quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock worth $4,141,250,000 after purchasing an additional 30,228,013 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Adobe Systems by 784.4% during the second 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. FMR LLC boosted its holdings in Adobe Systems by 4.9% during the second 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. Polen Capital Management LLC boosted its holdings in Adobe Systems by 31.5% during the second quarter. Polen Capital Management LLC now owns 6,062,530 shares of the software company’s stock valued at $857,484,000 after acquiring an additional 1,452,892 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Adobe Systems by 45.0% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,833,692 shares of the software company’s stock valued at $542,237,000 after acquiring an additional 1,190,108 shares during the period. Hedge funds and other institutional investors 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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