Adobe Systems Incorporated (NASDAQ:ADBE) EVP Bradley Rencher sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $245.30, for a total transaction of $2,943,600.00. Following the transaction, the executive vice president now owns 68,071 shares of the company’s stock, valued at approximately $16,697,816.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
ADBE traded down $5.64 during trading hours on Friday, hitting $239.64. 3,653,486 shares of the company’s stock were exchanged, compared to its average volume of 3,076,977. Adobe Systems Incorporated has a 1-year low of $165.68 and a 1-year high of $277.61. The stock has a market capitalization of $116.38 billion, a price-to-earnings ratio of 66.75, a PEG ratio of 2.57 and a beta of 1.08. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. The firm’s revenue was up 24.4% on a year-over-year basis. As a group, research analysts predict that Adobe Systems Incorporated will post 5.66 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. CIBC Asset Management Inc boosted its holdings in Adobe Systems by 1.4% during the third quarter. CIBC Asset Management Inc now owns 93,178 shares of the software company’s stock worth $25,153,000 after purchasing an additional 1,279 shares during the last quarter. Cambridge Investment Research Advisors Inc. raised its position in Adobe Systems by 43.4% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 63,903 shares of the software company’s stock worth $17,251,000 after acquiring an additional 19,344 shares in the last quarter. Zions Bancorporation raised its position in Adobe Systems by 6.6% during the third quarter. Zions Bancorporation now owns 4,291 shares of the software company’s stock worth $1,158,000 after acquiring an additional 266 shares in the last quarter. WESPAC Advisors LLC bought a new stake in Adobe Systems during the third quarter worth $261,000. Finally, Doliver Capital Advisors LP bought a new stake in Adobe Systems during the third quarter worth $208,000. Institutional investors and hedge funds own 85.02% of the company’s stock.
A number of research analysts recently issued reports on the stock. BidaskClub upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. Citigroup boosted their price objective on shares of Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a report on Friday, September 14th. Pivotal Research boosted their price objective on shares of Adobe Systems from $235.00 to $254.00 and gave the company a “hold” rating in a report on Friday, September 14th. Jefferies Financial Group boosted their price objective on shares of Adobe Systems to $315.00 and gave the company a “buy” rating in a report on Friday, September 14th. Finally, Wedbush began coverage on shares of Adobe Systems in a report on Thursday, October 18th. They issued a “neutral” rating and a $270.00 price target for the company. Ten equities research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $269.17.
Adobe Systems Company Profile
Adobe Inc 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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