Adobe Systems’ (ADBE) Buy Rating Reiterated at Canaccord Genuity
Canaccord Genuity restated their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research note published on Wednesday morning. The brokerage currently has a $170.00 target price on the software company’s stock, up from their prior target price of $165.00.
Other analysts have also recently issued reports about the company. BidaskClub cut Adobe Systems from a strong-buy rating to a buy rating in a research report on Tuesday, June 13th. Citigroup Inc. reiterated a buy rating and set a $161.00 target price (up from $141.00) on shares of Adobe Systems in a report on Tuesday, June 13th. Vetr upgraded shares of Adobe Systems from a hold rating to a buy rating and set a $157.24 target price for the company in a report on Wednesday, June 7th. Bank of America Corporation reiterated a buy rating and set a $184.00 target price (up from $160.00) on shares of Adobe Systems in a report on Wednesday, June 21st. Finally, Wunderlich reiterated a buy rating and set a $165.00 target price (up from $145.00) on shares of Adobe Systems in a report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $157.28.
Shares of Adobe Systems (ADBE) opened at 148.50 on Wednesday. Adobe Systems has a 52 week low of $98.00 and a 52 week 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. The stock has a market capitalization of $73.27 billion, a P/E ratio of 51.72 and a beta of 1.00. Adobe Systems also was the target of some unusual options trading on Wednesday. Traders acquired 27,240 put options on the stock. This is an increase of 752% compared to the average volume of 3,199 put options.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business’s revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.75 EPS. On average, equities research analysts expect that Adobe Systems will post $4.22 EPS for the current year.
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In other news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total transaction of $281,232.00. Following the completion of the sale, the executive vice president now owns 59,991 shares of the company’s stock, valued at approximately $8,638,704. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Donna Morris sold 10,000 shares of the business’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,359 shares of company stock valued at $9,449,192. Insiders own 0.38% of the company’s stock.
A number of institutional investors have recently modified their holdings of ADBE. Waldron LP boosted its holdings in Adobe Systems by 96.9% in the 1st quarter. Waldron LP now owns 5,487 shares of the software company’s stock worth $689,000 after buying an additional 2,701 shares during the period. Genesee Valley Trust Co. boosted its holdings in Adobe Systems by 0.3% in the 1st quarter. Genesee Valley Trust Co. now owns 14,340 shares of the software company’s stock worth $1,866,000 after buying an additional 41 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in Adobe Systems by 23.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 172,031 shares of the software company’s stock worth $22,497,000 after buying an additional 32,410 shares during the period. Daiwa Securities Group Inc. boosted its holdings in Adobe Systems by 31.1% in the 1st quarter. Daiwa Securities Group Inc. now owns 16,850 shares of the software company’s stock worth $2,193,000 after buying an additional 4,000 shares during the period. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in Adobe Systems by 3.9% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,095 shares of the software company’s stock worth $403,000 after buying an additional 115 shares during the period. 87.40% 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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