Adobe Systems Incorporated (ADBE) Given Buy Rating at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research note issued to investors on Wednesday. The firm currently has a $180.00 target price on the software company’s stock.
ADBE has been the subject of several other research reports. Zacks Investment Research cut Adobe Systems from a hold rating to a sell rating in a research report on Thursday, September 14th. Vetr cut Adobe Systems from a hold rating to a sell rating and set a $150.30 target price for the company. in a research report on Thursday, August 31st. Morgan Stanley reaffirmed an equal weight rating and issued a $137.00 target price on shares of Adobe Systems in a research report on Friday, June 16th. Royal Bank Of Canada raised their target price on Adobe Systems from $135.00 to $157.00 and gave the stock an outperform rating in a research report on Thursday, May 25th. Finally, BidaskClub raised Adobe Systems from a buy rating to a strong-buy rating in a research report on Saturday, June 24th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $157.28.
Adobe Systems (NASDAQ:ADBE) traded down 0.07% during trading on Wednesday, reaching $149.85. The company had a trading volume of 2,490,578 shares. The firm has a market capitalization of $73.94 billion, a price-to-earnings ratio of 52.19 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 stock 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 target of unusually large options trading on Monday. Stock investors bought 14,327 call options on the stock. This is an increase of approximately 408% compared to the average daily volume of 2,821 call options.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 21.80% and a net margin of 23.06%. Adobe Systems’s revenue was up 25.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.75 earnings per share. On average, equities research analysts predict that Adobe Systems will post $4.06 earnings per share for the current year.
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In related news, Director Daniel Rosensweig sold 11,000 shares of the business’s stock in a transaction dated Wednesday, June 28th. The stock was sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the transaction, the director now directly owns 8,801 shares in the company, valued at $1,264,791.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Donna Morris sold 5,000 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $145.00, for a total value of $725,000.00. The disclosure for this sale can be found here. Insiders have sold 69,359 shares of company stock worth $10,174,192 over the last 90 days. Corporate insiders own 0.38% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC increased its stake in Adobe Systems by 4.9% during the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after acquiring an additional 1,651,762 shares during the period. BlackRock Inc. increased its stake in Adobe Systems by 8.2% during the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after acquiring an additional 2,621,275 shares during the period. Vanguard Group Inc. increased its stake in Adobe Systems by 2.9% during the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after acquiring an additional 943,487 shares during the period. State Street Corp increased its stake in Adobe Systems by 1.2% during the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after acquiring an additional 234,270 shares during the period. Finally, Janus Henderson Group PLC increased its stake in 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 valued at $1,587,936,000 after acquiring an additional 9,957,241 shares during the period. Hedge funds and other institutional investors own 87.40% of the company’s stock.
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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