Jefferies Group LLC Reaffirms Buy Rating for Adobe Systems Incorporated (ADBE)
Jefferies Group LLC reiterated their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report published on Tuesday morning. Jefferies Group LLC currently has a $175.00 price target on the software company’s stock.
ADBE has been the topic of a number of other research reports. Bank of America Corporation reissued a buy rating and issued a $184.00 price objective (up previously from $160.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Robert W. Baird reissued a buy rating and issued a $160.00 price objective on shares of Adobe Systems in a research note on Friday, September 1st. Pivotal Research lowered Adobe Systems from a hold rating to a sell rating and boosted their price objective for the stock from $109.00 to $112.00 in a research note on Monday, June 12th. Vetr raised Adobe Systems from a sell rating to a hold rating and set a $150.30 price objective on the stock in a research note on Wednesday, September 6th. Finally, Morgan Stanley reissued an equal weight rating and issued a $137.00 price objective on shares of Adobe Systems in a research note on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $153.88.
Adobe Systems (NASDAQ ADBE) opened at 154.94 on Tuesday. The stock’s 50 day moving average price is $150.82 and its 200-day moving average price is $139.09. The firm has a market capitalization of $76.45 billion, a price-to-earnings ratio of 53.97 and a beta of 1.00. Adobe Systems has a one year low of $98.00 and a one year high of $157.89.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.07. The company 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 business’s revenue was up 26.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.71 earnings per share. On average, equities research analysts anticipate that Adobe Systems will post $4.06 earnings per share for the current fiscal year.
In other news, EVP Donna Morris sold 5,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $145.00, for a total transaction of $725,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $144.00, for a total value of $281,232.00. Following the transaction, the executive vice president now directly owns 59,991 shares of the company’s stock, valued at $8,638,704. The disclosure for this sale can be found here. Insiders have sold 101,959 shares of company stock valued at $14,870,874 over the last ninety days. 0.38% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock worth $5,041,950,000 after buying an additional 1,651,762 shares during the period. BlackRock Inc. boosted its position in shares of Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock worth $4,871,931,000 after buying an additional 2,621,275 shares during the period. Vanguard Group Inc. boosted its position in shares of Adobe Systems by 2.9% during the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock worth $4,808,783,000 after buying an additional 943,487 shares during the period. State Street Corp boosted its position in shares of Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock worth $2,539,679,000 after buying an additional 234,270 shares during the period. Finally, Janus Henderson Group PLC boosted its position in shares of Adobe Systems by 784.4% during the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock worth $1,587,936,000 after buying an additional 9,957,241 shares during the period. 87.53% of the stock is owned by institutional investors.
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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