Adobe Systems (ADBE) Price Target Raised to $254.00 at Pivotal Research

Adobe Systems (NASDAQ:ADBE) had its price objective upped by Pivotal Research from $235.00 to $254.00 in a research note issued to investors on Friday, Marketbeat Ratings reports. Pivotal Research currently has a hold rating on the software company’s stock.

ADBE has been the topic of several other reports. Barclays raised their price target on shares of Adobe Systems to $297.00 and gave the stock an overweight rating in a research report on Wednesday, September 12th. KeyCorp restated a buy rating and issued a $286.00 price target (up from $276.00) on shares of Adobe Systems in a research report on Friday. Guggenheim assumed coverage on shares of Adobe Systems in a research report on Tuesday, August 7th. They issued a neutral rating and a $275.00 price target on the stock. Morgan Stanley raised their price target on shares of Adobe Systems from $235.00 to $250.00 and gave the stock an equal weight rating in a research report on Friday, June 15th. Finally, BidaskClub upgraded shares of Adobe Systems from a hold rating to a buy rating in a research report on Saturday, August 25th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus target price of $261.38.

NASDAQ:ADBE opened at $268.25 on Friday. Adobe Systems has a 1 year low of $143.95 and a 1 year high of $277.61. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $131.13 billion, a P/E ratio of 74.72, a PEG ratio of 2.91 and a beta of 1.11.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.69 by $0.04. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.25 billion. During the same period last year, the business posted $1.10 EPS. Adobe Systems’s revenue was up 24.4% compared to the same quarter last year. research analysts forecast that Adobe Systems will post 5.61 EPS for the current year.

Adobe Systems declared that its board has approved a share repurchase program on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

In other news, EVP Ann Lewnes sold 2,940 shares of the firm’s stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $257.86, for a total transaction of $758,108.40. Following the completion of the transaction, the executive vice president now directly owns 64,437 shares of the company’s stock, valued at approximately $16,615,724.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Abhay Parasnis sold 10,500 shares of Adobe Systems stock in a transaction dated Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. Insiders have sold a total of 19,324 shares of company stock valued at $4,980,689 over the last ninety days. 0.33% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in ADBE. Edgewood Management LLC bought a new position in Adobe Systems during the 2nd quarter valued at about $565,496,000. Morgan Stanley lifted its holdings in Adobe Systems by 79.1% during the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after purchasing an additional 1,515,736 shares during the last quarter. BlackRock Inc. lifted its holdings in Adobe Systems by 3.6% during the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock valued at $7,316,684,000 after purchasing an additional 1,185,325 shares during the last quarter. PointState Capital LP lifted its holdings in Adobe Systems by 2,178.0% during the 1st quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock valued at $237,691,000 after purchasing an additional 1,051,726 shares during the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Adobe Systems by 29,729.8% during the 1st quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock valued at $513,000 after purchasing an additional 511,352 shares during the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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.

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