Adobe Systems Incorporated (ADBE) Reaches New 1-Year High at $152.19
Adobe Systems Incorporated (NASDAQ:ADBE) hit a new 52-week high on Tuesday . The stock traded as high as $152.19 and last traded at $152.28, with a volume of 988,642 shares. The stock had previously closed at $149.26.
Several equities research analysts recently weighed in on the company. BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 16th. Vetr raised Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 price target for the company in a report on Tuesday, July 18th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 price target on shares of Adobe Systems in a report on Monday, July 31st. KeyCorp reissued a “buy” rating on shares of Adobe Systems in a report on Sunday, June 25th. Finally, Oppenheimer Holdings, Inc. reissued a “market perform” rating on shares of Adobe Systems in a report on Monday, June 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the stock. Adobe Systems presently has a consensus rating of “Buy” and an average target price of $154.20.
The firm has a market cap of $74.55 billion, a PE ratio of 52.63 and a beta of 1.00. The stock has a 50 day moving average price of $147.31 and a 200 day moving average price of $135.30.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The company’s revenue for the quarter was up 26.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.71 earnings per share. On average, equities research analysts predict that Adobe Systems Incorporated will post $4.06 earnings per share for the current year.
In other Adobe Systems news, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $146.68, for a total transaction of $286,466.04. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction dated Thursday, July 20th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,239 shares of company stock worth $14,877,475. Corporate insiders own 0.38% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. BTIM Corp. increased its stake in Adobe Systems by 2.5% in the first quarter. BTIM Corp. now owns 6,698 shares of the software company’s stock valued at $872,000 after buying an additional 162 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Adobe Systems by 7.0% in the first quarter. Ameriprise Financial Inc. now owns 5,332,348 shares of the software company’s stock valued at $693,890,000 after buying an additional 349,088 shares in the last quarter. Morgan Stanley increased its stake in Adobe Systems by 52.2% in the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock valued at $211,367,000 after buying an additional 557,169 shares in the last quarter. Gofen & Glossberg LLC IL increased its stake in Adobe Systems by 2.7% in the first quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock valued at $3,376,000 after buying an additional 673 shares in the last quarter. Finally, Israel Discount Bank of New York purchased a new stake in Adobe Systems during the first quarter valued at about $189,000. 87.64% of the stock is currently owned by hedge funds and other institutional investors.
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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.