Adobe Systems Incorporated (ADBE) Shares Gap Up After Analyst Upgrade
Adobe Systems Incorporated (NASDAQ:ADBE) shares gapped up before the market opened on Monday after Pacific Crest raised their price target on the stock from $122.00 to $142.00. The stock had previously closed at $125.57, but opened at $127.01. Pacific Crest currently has an overweight rating on the stock. Adobe Systems shares last traded at $126.65, with a volume of 1,682,381 shares.
Several other research analysts have also recently commented on ADBE. Zacks Investment Research cut Adobe Systems from a “buy” rating to a “hold” rating in a research note on Tuesday, November 22nd. BTIG Research reissued a “neutral” rating on shares of Adobe Systems in a research note on Tuesday, December 6th. Cowen and Company set a $120.00 target price on Adobe Systems and gave the stock a “buy” rating in a research note on Wednesday, December 7th. Wunderlich reissued a “hold” rating and set a $115.00 target price on shares of Adobe Systems in a research note on Friday, December 16th. Finally, JPMorgan Chase & Co. reissued an “overweight” rating and set a $124.00 target price on shares of Adobe Systems in a research note on Friday, December 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $125.71.
In other Adobe Systems news, insider Shantanu Narayen sold 173,703 shares of the company’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $113.91, for a total transaction of $19,786,508.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Charles M. Geschke sold 48,100 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $104.03, for a total value of $5,003,843.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 396,890 shares of company stock valued at $44,505,838. 0.43% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of ADBE. Smithfield Trust Co. increased its stake in Adobe Systems by 465.6% in the third quarter. Smithfield Trust Co. now owns 1,018 shares of the software company’s stock valued at $110,000 after buying an additional 838 shares in the last quarter. TCI Wealth Advisors Inc. increased its stake in Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock valued at $120,000 after buying an additional 110 shares in the last quarter. Clean Yield Group increased its stake in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock valued at $123,000 after buying an additional 280 shares in the last quarter. Kernodle & Katon Asset Management Group LLC increased its stake in Adobe Systems by 69.8% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,204 shares of the software company’s stock valued at $131,000 after buying an additional 495 shares in the last quarter. Finally, Sowell Financial Services LLC bought a new stake in Adobe Systems during the fourth quarter valued at approximately $148,000. 87.25% of the stock is owned by hedge funds and other institutional investors.
The company has a market capitalization of $62.64 billion, a PE ratio of 54.6455 and a beta of 1.06. The company’s 50 day moving average is $118.41 and its 200-day moving average is $109.05.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, March 16th. The software company reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.07. The company earned $1.68 billion during the quarter, compared to the consensus estimate of $1.65 billion. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The company’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm earned $0.66 earnings per share. On average, analysts predict that Adobe Systems Incorporated will post $3.94 earnings per share for the current year.
Your IP Address:
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.
Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with MarketBeat.com's FREE daily email newsletter.