Adobe Systems Incorporated (ADBE) Stock Rating Reaffirmed by Jefferies Group LLC
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “buy” rating restated by analysts at Jefferies Group LLC in a research report issued to clients and investors on Wednesday. They presently have a $180.00 price target on the software company’s stock, up from their prior price target of $175.00. Jefferies Group LLC’s price target points to a potential upside of 20.03% from the company’s previous close. Jefferies Group also issued estimates for Adobe Systems’ Q4 2017 earnings at $0.96 EPS and FY2017 earnings at $3.48 EPS.
Several other brokerages have also issued reports on ADBE. Vetr lowered Adobe Systems from a “strong-buy” rating to a “buy” rating and set a $157.24 price target on the stock. in a research note on Tuesday, June 20th. Canaccord Genuity reiterated a “buy” rating and issued a $165.00 price target (up previously from $145.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Royal Bank Of Canada reiterated a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research note on Monday, July 31st. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Adobe Systems in a research note on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $157.28.
Shares of Adobe Systems (NASDAQ ADBE) opened at 149.30 on Wednesday. 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. The company has a market capitalization of $73.67 billion, a PE ratio of 52.00 and a beta of 1.00. Adobe Systems also saw some unusual options trading on Wednesday. Stock investors purchased 27,240 put options on the stock. This represents an increase of approximately 752% compared to the typical daily volume of 3,199 put options.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter last year, the company posted $0.75 EPS. The company’s revenue for the quarter was up 25.8% compared to the same quarter last year. On average, equities research analysts predict that Adobe Systems will post $4.21 EPS for the current year.
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In related news, EVP Abhay Parasnis sold 12,500 shares of the company’s stock in a transaction that occurred on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now directly owns 56,356 shares in the company, valued at $8,784,773.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 64,359 shares of company stock worth $9,449,192. 0.38% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in Adobe Systems by 4.9% during the 2nd 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. raised its stake in Adobe Systems by 8.2% during the 2nd 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. raised its stake in Adobe Systems by 2.9% during the 2nd 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 raised its stake in Adobe Systems by 1.2% during the 1st 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 raised its stake in Adobe Systems by 784.4% during the 2nd 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. 87.40% of the stock is currently owned by institutional investors and hedge funds.
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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