Adobe Systems (ADBE) Shares Gap Up on Strong Earnings

Adobe Systems Incorporated (NASDAQ:ADBE) shares gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $175.62, but opened at $177.49. Adobe Systems shares last traded at $177.49, with a volume of 9190783 shares trading hands.

The software company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.10. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $1.95 billion. During the same period last year, the business earned $0.90 EPS. The company’s revenue was up 24.8% compared to the same quarter last year.

ADBE has been the subject of a number of recent research reports. Zacks Investment Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday, September 14th. Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research report on Thursday, August 31st. Robert W. Baird set a $160.00 price target on shares of Adobe Systems and gave the stock a “buy” rating in a research report on Friday, October 6th. Bank of America reissued a “buy” rating and set a $220.00 price target (up from $213.00) on shares of Adobe Systems in a research report on Wednesday. Finally, UBS assumed coverage on shares of Adobe Systems in a report on Thursday, November 9th. They set a “buy” rating and a $217.00 target price for the company. Seven equities research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and an average price target of $183.35.

In related news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred 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 document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew Thompson sold 2,190 shares of the company’s stock in a transaction that occurred on Monday, October 23rd. The shares were sold at an average price of $173.42, for a total value of $379,789.80. The disclosure for this sale can be found here. Insiders have sold 14,849 shares of company stock worth $2,554,091 over the last quarter. Insiders own 0.38% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Gemmer Asset Management LLC boosted its holdings in shares of Adobe Systems by 11.4% in the second quarter. Gemmer Asset Management LLC now owns 18,195 shares of the software company’s stock valued at $2,574,000 after acquiring an additional 1,866 shares during the period. Meeder Asset Management Inc. boosted its holdings in shares of Adobe Systems by 964.7% in the second quarter. Meeder Asset Management Inc. now owns 34,124 shares of the software company’s stock valued at $4,827,000 after acquiring an additional 30,919 shares during the period. Mn Services Vermogensbeheer B.V. lifted its holdings in shares of Adobe Systems by 505.8% during the second quarter. Mn Services Vermogensbeheer B.V. now owns 80,483 shares of the software company’s stock worth $11,384,000 after purchasing an additional 67,198 shares during the period. Ledyard National Bank lifted its holdings in shares of Adobe Systems by 2.0% during the second quarter. Ledyard National Bank now owns 40,564 shares of the software company’s stock worth $5,737,000 after purchasing an additional 798 shares during the period. Finally, CENTRAL TRUST Co lifted its holdings in shares of Adobe Systems by 13.9% during the second quarter. CENTRAL TRUST Co now owns 4,340 shares of the software company’s stock worth $614,000 after purchasing an additional 528 shares during the period. 87.45% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05. The stock has a market cap of $87,167.11, a price-to-earnings ratio of 53.26, a price-to-earnings-growth ratio of 2.23 and a beta of 1.05.

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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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