Adobe Systems’ (ADBE) “Market Perform” Rating Reaffirmed at Wells Fargo & Company
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “market perform” rating reaffirmed by Wells Fargo & Company in a report released on Wednesday. They currently have a $145.00 target price on the software company’s stock, up from their previous target price of $127.50. Wells Fargo & Company’s price objective suggests a potential downside of 7.41% from the stock’s previous close.
ADBE has been the subject of a number of other reports. Zacks Investment Research lowered Adobe Systems from a “hold” rating to a “sell” rating in a research note on Thursday, September 14th. Vetr lowered Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target for the company. in a research note on Thursday, August 31st. Morgan Stanley reissued an “equal weight” rating and set a $137.00 price target on shares of Adobe Systems in a research note on Friday, June 16th. Royal Bank Of Canada increased their price target on Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research note on Thursday, May 25th. Finally, BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $154.11.
Shares of Adobe Systems (NASDAQ ADBE) opened at 156.60 on Wednesday. The stock has a market cap of $77.27 billion, a PE ratio of 54.55 and a beta of 1.00. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $157.89. The firm has a 50 day moving average price of $151.61 and a 200 day moving average price of $140.16. Adobe Systems also was the recipient of unusually large options trading on Monday. Stock traders acquired 14,327 call options on the company. This is an increase of approximately 408% compared to the typical volume of 2,821 call options.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a return on equity of 20.06% and a net margin of 22.11%. The business’s quarterly revenue was up 25.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.75 earnings per share. On average, equities analysts expect that Adobe Systems will post $4.06 EPS for the current year.
In other news, EVP Donna Morris sold 5,000 shares of the firm’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $145.00, for a total value of $725,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John E. Warnock sold 32,600 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold a total of 101,959 shares of company stock worth $14,870,874 in the last ninety days. Insiders own 0.38% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. 1ST Source Bank boosted its position in shares of Adobe Systems by 0.3% in the 2nd quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock worth $261,000 after purchasing an additional 6 shares in the last quarter. Guardian Life Insurance Co. of America boosted its position in shares of Adobe Systems by 0.7% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,918 shares of the software company’s stock worth $250,000 after purchasing an additional 13 shares in the last quarter. Perigon Wealth Management LLC boosted its position in shares of Adobe Systems by 0.4% in the 1st quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock worth $387,000 after purchasing an additional 13 shares in the last quarter. Trust Co. of Vermont boosted its position in shares of Adobe Systems by 0.6% in the 2nd quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock worth $372,000 after purchasing an additional 16 shares in the last quarter. Finally, Bank of Stockton boosted its position in shares of Adobe Systems by 0.4% in the 2nd quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock worth $743,000 after purchasing an additional 20 shares in the last quarter. 87.40% of the stock is owned by hedge funds and other institutional investors.
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.
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