Adobe Systems (NASDAQ:ADBE) was downgraded by equities researchers at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research report issued on Tuesday, Marketbeat.com reports. They presently have a $185.00 price objective on the software company’s stock. J P Morgan Chase & Co’s price target suggests a potential upside of 4.22% from the stock’s previous close.
Several other equities analysts have also weighed in on the company. Argus increased their price objective on Adobe Systems from $170.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research lowered Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 21st. Pivotal Research raised Adobe Systems from a “sell” rating to a “hold” rating and increased their price objective for the company from $118.00 to $160.00 in a report on Wednesday, October 18th. Vetr lowered Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price objective for the company. in a report on Thursday, August 31st. Finally, Moffett Nathanson assumed coverage on Adobe Systems in a report on Wednesday, September 6th. They set a “buy” rating and a $195.00 price objective for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $183.35.
Adobe Systems (NASDAQ ADBE) traded up $2.51 during mid-day trading on Tuesday, hitting $177.51. The stock had a trading volume of 8,845,867 shares, compared to its average volume of 2,803,659. The company has a market capitalization of $87,502.30, a price-to-earnings ratio of 50.14, a PEG ratio of 2.24 and a beta of 1.05. 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 has a 52 week low of $101.91 and a 52 week high of $186.27.
In related news, Director John E. Warnock sold 6,800 shares of the stock in a transaction on Friday, October 20th. The stock was sold at an average price of $174.20, for a total value of $1,184,560.00. Following the sale, the director now owns 16,088 shares in the company, valued at $2,802,529.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, December 13th. The stock was sold at an average price of $173.50, for a total value of $338,845.50. Following the completion of the sale, the executive vice president now owns 50,497 shares in the company, valued at approximately $8,761,229.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,849 shares of company stock worth $2,554,091. Company insiders own 0.38% of the company’s stock.
Several hedge funds have recently modified their holdings of ADBE. Capital Advisors Ltd. LLC bought a new position in Adobe Systems in the second quarter valued at $100,000. Parkside Financial Bank & Trust increased its stake in Adobe Systems by 170.3% in the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after acquiring an additional 567 shares during the last quarter. BB&T Investment Services Inc. increased its stake in Adobe Systems by 42.4% in the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after acquiring an additional 275 shares during the last quarter. Exane Derivatives increased its stake in Adobe Systems by 55.0% in the third quarter. Exane Derivatives now owns 958 shares of the software company’s stock valued at $143,000 after acquiring an additional 340 shares during the last quarter. Finally, Sumitomo Mitsui Financial Group Inc. bought a new position in Adobe Systems in the second quarter valued at $141,000. Institutional investors own 87.45% of the company’s stock.
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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.
