Adobe Systems (NASDAQ:ADBE) had its target price hoisted by Piper Jaffray from $220.00 to $260.00 in a report published on Friday, March 16th. The brokerage currently has an overweight rating on the software company’s stock.
Several other analysts also recently issued reports on ADBE. KeyCorp lifted their price target on Adobe Systems to $252.00 and gave the company an overweight rating in a research note on Friday, March 16th. Jefferies Group raised their price objective on Adobe Systems to $263.00 and gave the company a buy rating in a report on Friday, March 16th. Barclays raised their price objective on Adobe Systems from $221.00 to $250.00 and gave the company an overweight rating in a report on Thursday, March 15th. Bank of America reiterated a buy rating and set a $269.00 price target (up previously from $253.00) on shares of Adobe Systems in a report on Tuesday, March 13th. Finally, Stifel Nicolaus lifted their price target on Adobe Systems from $210.00 to $230.00 and gave the stock a buy rating in a report on Monday, March 12th. Ten investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $217.88.
Shares of ADBE traded down $4.93 during mid-day trading on Friday, reaching $218.61. The company had a trading volume of 2,962,319 shares, compared to its average volume of 4,040,011. The stock has a market cap of $110,086.81, a PE ratio of 60.89, a PEG ratio of 2.58 and a beta of 1.04. Adobe Systems has a twelve month low of $128.21 and a twelve month high of $231.34. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.22.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 15th. The software company reported $1.55 EPS for the quarter, topping the Zacks’ consensus estimate of $1.44 by $0.11. The business had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a return on equity of 24.42% and a net margin of 24.40%. Adobe Systems’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.43) EPS. sell-side analysts forecast that Adobe Systems will post 5.35 EPS for the current fiscal year.
In related news, EVP Ann Lewnes sold 2,940 shares of the company’s stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $223.86, for a total value of $658,148.40. Following the sale, the executive vice president now owns 76,201 shares in the company, valued at approximately $17,058,355.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Garrett sold 54,488 shares of the company’s stock in a transaction dated Tuesday, February 6th. The stock was sold at an average price of $187.38, for a total transaction of $10,209,961.44. The disclosure for this sale can be found here. Insiders have sold 316,586 shares of company stock worth $62,229,415 in the last quarter. Company insiders own 0.33% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Iberiabank Corp increased its stake in Adobe Systems by 2.1% in the 4th quarter. Iberiabank Corp now owns 12,277 shares of the software company’s stock valued at $2,151,000 after buying an additional 253 shares during the last quarter. BB&T Investment Services Inc. increased its stake in Adobe Systems by 42.4% in the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after buying an additional 275 shares during the last quarter. Bank of Stockton increased its stake in Adobe Systems by 4.8% in the 4th quarter. Bank of Stockton now owns 6,150 shares of the software company’s stock valued at $1,077,000 after buying an additional 280 shares during the last quarter. Edge Advisors LLC increased its stake in Adobe Systems by 1.7% in the 3rd quarter. Edge Advisors LLC now owns 17,093 shares of the software company’s stock valued at $2,549,000 after buying an additional 293 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its stake in Adobe Systems by 4.1% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 7,579 shares of the software company’s stock valued at $1,131,000 after buying an additional 296 shares during the last quarter. Institutional investors own 87.03% of the company’s stock.
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Adobe Systems Company Profile
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. This segment's flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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