Adobe Systems (NASDAQ:ADBE) had its target price raised by equities researchers at KeyCorp to $252.00 in a note issued to investors on Friday. The brokerage presently has an “overweight” rating on the software company’s stock. KeyCorp’s price target suggests a potential upside of 11.73% from the stock’s previous close.
ADBE has been the topic of several other research reports. Bank of America reissued a “buy” rating and set a $220.00 target price (up previously from $213.00) on shares of Adobe Systems in a research note on Wednesday, December 13th. Zacks Investment Research lowered Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, December 19th. Argus increased their target price on Adobe Systems from $195.00 to $234.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Royal Bank of Canada increased their target price on Adobe Systems to $235.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 28th. Finally, Barclays increased their target price on Adobe Systems to $193.00 and gave the stock an “overweight” rating in a research note on Friday, December 15th. Eight investment analysts have rated the stock with a hold rating, twenty-six 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 price target of $214.06.
Adobe Systems stock opened at $225.55 on Friday. The firm has a market capitalization of $111,271.38, a price-to-earnings ratio of 55.83, a PEG ratio of 2.70 and a beta of 1.10. The company has a current ratio of 2.12, a quick ratio of 2.05 and a debt-to-equity ratio of 0.22. Adobe Systems has a twelve month low of $124.51 and a twelve month high of $228.88.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, March 15th. The software company reported $1.55 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.44 by $0.11. Adobe Systems had a return on equity of 24.42% and a net margin of 24.40%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the company earned ($0.43) EPS. Adobe Systems’s revenue was up 23.6% on a year-over-year basis. research analysts predict that Adobe Systems will post 5.23 earnings per share for the current year.
In other news, Director John E. Warnock sold 4,600 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $174.55, for a total transaction of $802,930.00. Following the sale, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,808,160.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael A. Dillon sold 6,376 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $197.13, for a total value of $1,256,900.88. Following the sale, the executive vice president now directly owns 68,693 shares in the company, valued at approximately $13,541,451.09. The disclosure for this sale can be found here. Insiders have sold a total of 349,246 shares of company stock worth $66,987,577 in the last three months. Corporate insiders own 0.33% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Polen Capital Management LLC raised its position in shares of Adobe Systems by 1.2% during the 4th quarter. Polen Capital Management LLC now owns 6,362,305 shares of the software company’s stock worth $1,114,930,000 after acquiring an additional 73,489 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Adobe Systems by 9.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,543,635 shares of the software company’s stock worth $826,991,000 after acquiring an additional 488,904 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe Systems by 2.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,368,796 shares of the software company’s stock worth $940,828,000 after acquiring an additional 128,148 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Adobe Systems by 3.3% during the 4th quarter. Geode Capital Management LLC now owns 5,197,567 shares of the software company’s stock worth $908,904,000 after acquiring an additional 165,632 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in shares of Adobe Systems by 4.8% during the 4th quarter. Clearbridge Investments LLC now owns 3,996,110 shares of the software company’s stock worth $700,278,000 after acquiring an additional 184,744 shares in the last quarter. 87.02% of the stock is currently owned by institutional investors and hedge funds.
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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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