Adobe Systems Inc. (ADBE) Shares Gap Up to $102.90
Adobe Systems Inc. (NASDAQ:ADBE) shares gapped up prior to trading on Friday . The stock had previously closed at $102.54, but opened at $102.90. Adobe Systems shares last traded at $103.47, with a volume of 736,919 shares.
ADBE has been the topic of several recent research reports. Zacks Investment Research lowered Adobe Systems from a “buy” rating to a “hold” rating in a research report on Tuesday, May 24th. Vetr downgraded Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $109.00 price objective on the stock. in a research note on Tuesday, May 24th. Credit Suisse Group AG raised their price objective on Adobe Systems from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 1st. Barclays PLC raised their price objective on Adobe Systems to $75.00 in a research note on Tuesday, June 7th. Finally, Goldman Sachs Group Inc. reaffirmed a “neutral” rating and set a $100.00 price objective on shares of Adobe Systems in a research note on Thursday, June 9th. Eight investment analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Adobe Systems has an average rating of “Buy” and an average target price of $104.99.
The stock has a 50-day moving average of $99.57 and a 200 day moving average of $94.99. The company has a market capitalization of $51.61 billion and a P/E ratio of 58.51.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, June 21st. The software company reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.03. During the same period in the prior year, the company earned $0.48 earnings per share. The company had revenue of $1.40 billion for the quarter. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. Analysts predict that Adobe Systems Inc. will post $2.87 EPS for the current fiscal year.
In other news, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $95.46, for a total transaction of $3,585,668.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael A. Dillon sold 5,450 shares of the stock in a transaction that occurred on Monday, August 29th. The shares were sold at an average price of $101.85, for a total transaction of $555,082.50. Following the transaction, the executive vice president now directly owns 44,324 shares of the company’s stock, valued at $4,514,399.40. The disclosure for this sale can be found here.
An institutional investor recently raised its position in Adobe Systems stock. American International Group Inc. raised its stake in Adobe Systems Inc. (NASDAQ:ADBE) by 3.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 225,259 shares of the software company’s stock after buying an additional 6,904 shares during the period. American International Group Inc.’s holdings in Adobe Systems were worth $21,161,000 at the end of the most recent quarter.
Adobe Systems Incorporated is a software company. The Company offers products and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with compelling content and experiences.
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