Adobe Systems Incorporated (ADBE) Given Overweight Rating at KeyCorp
Adobe Systems Incorporated (NASDAQ:ADBE)‘s stock had its “overweight” rating restated by equities researchers at KeyCorp in a research report issued on Wednesday. They currently have a $216.00 price objective on the software company’s stock, up from their previous price objective of $178.00. KeyCorp’s target price indicates a potential upside of 17.30% from the stock’s previous close.
Several other research firms have also recently weighed in on ADBE. Zacks Investment Research cut Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. BidaskClub upgraded Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Vetr raised Adobe Systems from a “sell” rating to a “hold” rating and set a $146.89 target price on the stock in a research report on Wednesday, September 20th. Barclays PLC reaffirmed a “buy” rating and issued a $167.00 target price on shares of Adobe Systems in a research report on Friday, September 15th. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $180.00 price target on shares of Adobe Systems in a research report on Tuesday, September 12th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $175.43.
Shares of Adobe Systems (NASDAQ:ADBE) opened at $184.15 on Wednesday. Adobe Systems has a fifty-two week low of $98.00 and a fifty-two week high of $185.55. The stock has a market capitalization of $89,883.23, a P/E ratio of 54.92, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23.
Adobe Systems (NASDAQ:ADBE) last posted 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. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. During the same quarter last year, the company earned $0.75 EPS. Adobe Systems’s revenue was up 25.8% on a year-over-year basis. equities research analysts forecast that Adobe Systems will post 3.46 earnings per share for the current fiscal year.
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In other Adobe Systems news, Director John E. Warnock sold 6,800 shares of Adobe Systems stock in a transaction on Friday, October 20th. The shares were sold at an average price of $174.20, for a total value of $1,184,560.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $2,802,529.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, November 8th. The stock was sold at an average price of $181.19, for a total transaction of $353,864.07. Following the completion of the transaction, the executive vice president now directly owns 52,450 shares of the company’s stock, valued at $9,503,415.50. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 over the last quarter. Insiders own 0.38% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of 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 acquiring an additional 1,651,762 shares in the last quarter. BlackRock Inc. grew its position 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 purchasing an additional 2,621,275 shares during the last quarter. Vanguard Group Inc. grew its position 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 purchasing an additional 943,487 shares during the last quarter. State Street Corp boosted its holdings in shares of Adobe Systems by 1.2% in the 1st 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 last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Adobe Systems by 784.4% in the 2nd 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 last quarter. Institutional investors own 87.21% 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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