Adobe Systems Inc. (ADBE) Sets New 1-Year High on Strong Earnings
Adobe Systems Inc. (NASDAQ:ADBE)’s share price reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $108.19 and last traded at $107.01, with a volume of 5,881,056 shares. The stock had previously closed at $100.62.
The software company reported $0.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 15.12% and a net margin of 17.86%. The company earned $1.46 billion during the quarter. During the same period last year, the business earned $0.54 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis.
ADBE has been the subject of a number of analyst reports. Vetr lowered Adobe Systems from a “buy” rating to a “hold” rating and set a $95.70 price objective for the company. in a research report on Tuesday, July 5th. Stephens initiated coverage on Adobe Systems in a report on Wednesday, August 10th. They issued an “overweight” rating and a $125.00 target price for the company. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Thursday. Cowen and Company lifted their target price on Adobe Systems to $115.00 and gave the stock an “outperform” rating in a report on Friday, September 16th. Finally, Barclays PLC lifted their target price on Adobe Systems to $75.00 in a report on Tuesday, June 7th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $110.17.
In other Adobe Systems news, CAO Richard Rowley sold 271 shares of the company’s stock in a transaction on Friday, July 1st. The stock was sold at an average price of $95.68, for a total transaction of $25,929.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 4,000 shares of the company’s stock in a transaction on Friday, July 29th. The stock was sold at an average price of $98.40, for a total value of $393,600.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the company. Savant Capital LLC raised its stake in Adobe Systems by 0.3% in the second quarter. Savant Capital LLC now owns 3,445 shares of the software company’s stock worth $330,000 after buying an additional 10 shares in the last quarter. Johanson Financial Advisors Inc. raised its stake in shares of Adobe Systems by 0.5% in the second quarter. Johanson Financial Advisors Inc. now owns 3,823 shares of the software company’s stock valued at $366,000 after buying an additional 20 shares in the last quarter. Bank of The West raised its stake in shares of Adobe Systems by 0.8% in the second quarter. Bank of The West now owns 4,943 shares of the software company’s stock valued at $473,000 after buying an additional 38 shares in the last quarter. EP Wealth Advisors Inc. raised its stake in shares of Adobe Systems by 0.9% in the first quarter. EP Wealth Advisors Inc. now owns 5,074 shares of the software company’s stock valued at $476,000 after buying an additional 44 shares in the last quarter. Finally, Aspen Investment Management Inc raised its stake in shares of Adobe Systems by 1.5% in the first quarter. Aspen Investment Management Inc now owns 3,371 shares of the software company’s stock valued at $316,000 after buying an additional 50 shares in the last quarter. Institutional investors own 87.53% of the company’s stock.
The company’s 50 day moving average is $101.10 and its 200 day moving average is $96.66. The firm has a market capitalization of $53.78 billion, a PE ratio of 60.97 and a beta of 1.24.
About Adobe Systems
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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