Canaccord Genuity Raises Adobe Systems Inc. (ADBE) Price Target to $120.00
Adobe Systems Inc. (NASDAQ:ADBE) had its target price lifted by Canaccord Genuity from $110.00 to $120.00 in a report issued on Wednesday. The firm presently has a “buy” rating on the software company’s stock. Canaccord Genuity’s price target indicates a potential upside of 19.26% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. Vetr raised shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $99.10 target price on the stock in a research note on Thursday, September 8th. Robert W. Baird raised shares of Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 target price on the stock in a research note on Thursday, August 25th. Zacks Investment Research cut shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 19th. Citigroup Inc. lowered their target price on shares of Adobe Systems from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Wednesday, June 22nd. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $120.00 target price on shares of Adobe Systems in a research note on Wednesday, June 22nd. Eight equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $107.74.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Wednesday. Adobe Systems has a 12-month low of $71.27 and a 12-month high of $104.16. The company has a market cap of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24. The stock’s 50 day moving average price is $100.45 and its 200-day moving average price is $96.50.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the previous year, the firm posted $0.54 EPS. The business’s revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Systems will post $2.87 earnings per share for the current year.
In other news, CFO Mark Garrett sold 26,899 shares of the firm’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CMO Ann Lewnes sold 4,000 shares of the firm’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the sale, the chief marketing officer now owns 46,828 shares of the company’s stock, valued at approximately $4,326,438.92. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Ngam Advisors L.P. boosted its stake in Adobe Systems by 6.8% in the first quarter. Ngam Advisors L.P. now owns 123,437 shares of the software company’s stock worth $11,578,000 after buying an additional 7,874 shares in the last quarter. Pacad Investment Ltd. bought a new stake in Adobe Systems during the first quarter worth about $6,155,000. Addenda Capital Inc. boosted its stake in Adobe Systems by 0.3% in the first quarter. Addenda Capital Inc. now owns 44,529 shares of the software company’s stock worth $4,177,000 after buying an additional 131 shares in the last quarter. Torray LLC boosted its stake in Adobe Systems by 54.9% in the first quarter. Torray LLC now owns 536,216 shares of the software company’s stock worth $50,297,000 after buying an additional 190,121 shares in the last quarter. Finally, Outfitter Advisors LTD. boosted its stake in Adobe Systems by 8.6% in the first quarter. Outfitter Advisors LTD. now owns 46,967 shares of the software company’s stock worth $4,406,000 after buying an additional 3,710 shares in the last quarter. Institutional investors own 87.53% of the company’s stock.
Adobe Systems Company Profile
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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