Adobe Systems Inc. (ADBE) Rating Reiterated by Credit Suisse Group AG
Adobe Systems Inc. (NASDAQ:ADBE)‘s stock had its “neutral” rating reissued by analysts at Credit Suisse Group AG in a research report issued on Wednesday. They presently have a $105.00 price target on the software company’s stock. Credit Suisse Group AG’s target price would suggest a potential downside of 2.71% from the company’s previous close.
Several other equities research analysts also recently issued reports on ADBE. Zacks Investment Research downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, May 24th. Vetr cut shares of Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $109.00 price target on the stock. in a report on Tuesday, May 24th. Barclays PLC increased their price target on shares of Adobe Systems to $75.00 in a report on Tuesday, June 7th. Goldman Sachs Group Inc. reissued a “neutral” rating and issued a $100.00 price target on shares of Adobe Systems in a report on Thursday, June 9th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $112.00 price target on shares of Adobe Systems in a report on Monday, June 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-four have issued a buy rating to the stock. Adobe Systems has a consensus rating of “Buy” and an average target price of $110.17.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 107.92 on Wednesday. The company has a market capitalization of $53.78 billion, a price-to-earnings ratio of 60.97 and a beta of 1.24. Adobe Systems has a 1-year low of $71.27 and a 1-year high of $108.50. The stock’s 50 day moving average price is $101.10 and its 200 day moving average price is $96.66.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The business earned $1.46 billion during the quarter. During the same quarter last year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was up 20.2% on a year-over-year basis. Analysts expect that Adobe Systems will post $2.96 EPS for the current year.
In related news, Chairman John E. Warnock sold 4,000 shares of Adobe Systems stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $95.15, for a total transaction of $380,600.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Mark Garrett sold 26,899 shares of Adobe Systems stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $103.47, for a total transaction of $2,783,239.53. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the company. BB&T Securities LLC increased its position in shares of Adobe Systems by 126.8% in the second quarter. BB&T Securities LLC now owns 12,934 shares of the software company’s stock worth $1,238,000 after buying an additional 7,231 shares in the last quarter. Norinchukin Bank The increased its position in shares of Adobe Systems by 2.6% in the second quarter. Norinchukin Bank The now owns 26,236 shares of the software company’s stock worth $2,513,000 after buying an additional 660 shares in the last quarter. National Pension Service increased its position in shares of Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock worth $25,627,000 after buying an additional 11,220 shares in the last quarter. AMP Capital Investors Ltd increased its position in shares of Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock worth $30,786,000 after buying an additional 45,577 shares in the last quarter. Finally, Nordea Investment Management AB increased its position in shares of Adobe Systems by 5.5% in the second quarter. Nordea Investment Management AB now owns 45,538 shares of the software company’s stock worth $4,362,000 after buying an additional 2,370 shares in the last quarter. 87.53% of the stock is owned by institutional investors and hedge funds.
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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