Adobe Systems (NASDAQ:ADBE) had its price objective increased by research analysts at Citigroup to $202.00 in a research note issued to investors on Friday. The brokerage presently has a “buy” rating on the software company’s stock. Citigroup’s price objective suggests a potential upside of 15.43% from the stock’s current price.
ADBE has been the topic of a number of other reports. Vetr raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 price target on the stock in a research report on Wednesday, November 29th. Credit Suisse Group reissued a “positive” rating and set a $170.00 price target (up from $160.00) on shares of Adobe Systems in a research report on Wednesday, September 20th. Robert W. Baird reissued a “buy” rating and set a $160.00 price target on shares of Adobe Systems in a research report on Friday, September 1st. J P Morgan Chase & Co restated a “buy” rating and set a $185.00 price objective on shares of Adobe Systems in a report on Thursday, October 19th. Finally, Pivotal Research upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating and raised their price objective for the stock from $118.00 to $160.00 in a report on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $183.29.
Adobe Systems (NASDAQ ADBE) opened at $175.00 on Friday. The firm has a market cap of $87,167.11, a price-to-earnings ratio of 53.26, a PEG ratio of 2.23 and a beta of 1.05. Adobe Systems has a 52-week low of $101.91 and a 52-week high of $186.27. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.10. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s quarterly revenue was up 24.8% compared to the same quarter last year. During the same period last year, the firm posted $0.90 earnings per share. research analysts anticipate that Adobe Systems will post 3.46 EPS for the current year.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total value of $297,031.77. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 6,800 shares of Adobe Systems stock in a transaction on Friday, October 20th. The shares were sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at $2,802,529.60. The disclosure for this sale can be found here. Insiders sold a total of 12,896 shares of company stock worth $2,215,246 over the last quarter. Company insiders own 0.38% of the company’s stock.
A number of hedge funds have recently modified their holdings of ADBE. FMR LLC grew its position in shares of Adobe Systems by 4.9% in the 2nd 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. BlackRock Inc. grew its position in shares of Adobe Systems by 8.2% in the 2nd quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after acquiring an additional 2,621,275 shares during the period. Vanguard Group Inc. grew its position in shares of Adobe Systems by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after acquiring an additional 943,487 shares during the period. Janus Henderson Group PLC grew its position in shares of Adobe Systems by 784.4% in the 2nd 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. Finally, Polen Capital Management LLC grew its position in shares of Adobe Systems by 3.7% in the 3rd quarter. Polen Capital Management LLC now owns 6,288,816 shares of the software company’s stock valued at $938,166,000 after acquiring an additional 226,286 shares during the period. Hedge funds and other institutional investors own 87.45% 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.