Adobe Systems (ADBE) Earns “Equal Weight” Rating from Morgan Stanley

Morgan Stanley reissued their equal weight rating on shares of Adobe Systems (NASDAQ:ADBE) in a research note issued to investors on Friday, March 16th. The firm currently has a $235.00 target price on the software company’s stock, up from their previous target price of $193.00.

A number of other research analysts also recently issued reports on ADBE. Canaccord Genuity reissued a buy rating and issued a $245.00 price target (up from $220.00) on shares of Adobe Systems in a report on Friday, March 16th. Pivotal Research reissued a hold rating and issued a $199.00 price target (up from $195.00) on shares of Adobe Systems in a report on Friday, March 16th. Barclays boosted their price target on Adobe Systems from $221.00 to $250.00 and gave the company an overweight rating in a report on Thursday, March 15th. Piper Jaffray boosted their price target on Adobe Systems from $220.00 to $260.00 and gave the company an overweight rating in a report on Friday, March 16th. Finally, BidaskClub raised Adobe Systems from a buy rating to a strong-buy rating in a report on Tuesday, January 9th. 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. Adobe Systems presently has a consensus rating of Buy and an average price target of $217.88.

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NASDAQ ADBE traded down $4.93 during trading hours on Friday, reaching $218.61. The stock had a trading volume of 2,964,487 shares, compared to its average volume of 4,040,011. The firm has a market cap of $110,086.81, a P/E ratio of 60.89, a P/E/G ratio of 2.58 and a beta of 1.04. Adobe Systems has a 52-week low of $128.21 and a 52-week high of $231.34. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.22.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, March 15th. The software company reported $1.55 EPS for the quarter, beating the Zacks’ 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 firm earned ($0.43) earnings per share. Adobe Systems’s revenue for the quarter was up 23.6% on a year-over-year basis. research analysts expect that Adobe Systems will post 5.35 earnings per share for the current year.

In other Adobe Systems news, Chairman Shantanu Narayen sold 165,023 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $197.89, for a total value of $32,656,401.47. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles M. Geschke sold 21,276 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $186.55, for a total value of $3,969,037.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 316,586 shares of company stock valued at $62,229,415. 0.33% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Ark Investment Management LLC grew its holdings in shares of Adobe Systems by 113.1% during the 2nd quarter. Ark Investment Management LLC now owns 1,890 shares of the software company’s stock worth $267,000 after purchasing an additional 1,003 shares during the period. Nationwide Fund Advisors grew its holdings in shares of Adobe Systems by 3.9% during the 3rd quarter. Nationwide Fund Advisors now owns 729,421 shares of the software company’s stock worth $108,815,000 after purchasing an additional 27,083 shares during the period. New York State Common Retirement Fund grew its holdings in shares of Adobe Systems by 5.0% during the 3rd quarter. New York State Common Retirement Fund now owns 1,471,148 shares of the software company’s stock worth $219,466,000 after purchasing an additional 70,650 shares during the period. Sigma Planning Corp grew its holdings in shares of Adobe Systems by 106.0% during the 3rd quarter. Sigma Planning Corp now owns 3,003 shares of the software company’s stock worth $448,000 after purchasing an additional 1,545 shares during the period. Finally, Stratos Wealth Partners LTD. grew its holdings in shares of Adobe Systems by 4.1% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 7,579 shares of the software company’s stock worth $1,131,000 after purchasing an additional 296 shares during the period. Institutional investors and hedge funds 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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