Adobe Systems (NASDAQ:ADBE) had its price objective lifted by analysts at Robert W. Baird from $240.00 to $260.00 in a research note issued to investors on Tuesday. The firm presently has a “buy” rating on the software company’s stock. Robert W. Baird’s price objective points to a potential upside of 6.60% from the stock’s current price.
A number of other research firms have also commented on ADBE. Credit Suisse Group reaffirmed an “outperform” rating and set a $250.00 price target on shares of Adobe Systems in a research report on Thursday, May 10th. Zacks Investment Research lowered Adobe Systems from a “buy” rating to a “hold” rating in a research report on Wednesday, May 16th. Morgan Stanley reaffirmed an “equal weight” rating and set a $235.00 price target (up previously from $193.00) on shares of Adobe Systems in a research report on Friday, March 16th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $235.00 price target (up previously from $210.00) on shares of Adobe Systems in a research report on Friday, March 16th. Finally, Citigroup upped their price target on Adobe Systems to $250.00 and gave the company a “buy” rating in a research report on Friday, March 16th. Ten research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $221.38.
Adobe Systems opened at $243.91 on Tuesday, according to Marketbeat Ratings. The company has a market cap of $117.26 billion, a price-to-earnings ratio of 67.94, a price-to-earnings-growth ratio of 2.75 and a beta of 1.04. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.12 and a quick ratio of 2.12. Adobe Systems has a one year low of $131.20 and a one year high of $244.09.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 15th. The software company reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.44 by $0.11. The business had revenue of $2.08 billion during 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 quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.43) EPS. equities research analysts forecast that Adobe Systems will post 5.35 EPS for the current fiscal year.
Adobe Systems declared that its board has authorized a share buyback plan on Monday, May 21st that authorizes the company to buyback $8.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 6.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Ann Lewnes sold 2,940 shares of the firm’s stock in a transaction that occurred on Thursday, March 22nd. The stock was sold at an average price of $223.86, for a total transaction of $658,148.40. Following the completion of the transaction, the executive vice president now owns 76,201 shares of the company’s stock, valued at approximately $17,058,355.86. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John E. Warnock sold 14,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 29th. The shares were sold at an average price of $216.53, for a total value of $3,031,420.00. Following the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $3,483,534.64. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,819 shares of company stock valued at $10,451,729. 0.33% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Reilly Financial Advisors LLC boosted its stake in Adobe Systems by 85.2% during the 1st quarter. Reilly Financial Advisors LLC now owns 576 shares of the software company’s stock valued at $124,000 after purchasing an additional 265 shares during the last quarter. Exchange Capital Management Inc. purchased a new stake in Adobe Systems during the 1st quarter valued at $125,000. Rainier Group Investment Advisory LLC purchased a new stake in Adobe Systems during the 1st quarter valued at $130,000. Cerebellum GP LLC purchased a new stake in Adobe Systems during the 4th quarter valued at $118,000. Finally, Bruderman Asset Management LLC purchased a new stake in Adobe Systems during the 1st quarter valued at $149,000. Institutional investors and hedge funds own 85.97% of the company’s stock.
About Adobe Systems
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. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
Receive News & Ratings for Adobe Systems Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems and related companies with MarketBeat.com's FREE daily email newsletter.