Adobe Systems (ADBE) Shares Gap Up After Strong Earnings
Adobe Systems Incorporated (NASDAQ:ADBE) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $175.62, but opened at $177.49. Adobe Systems shares last traded at $177.49, with a volume of 9190783 shares trading hands.
The software company reported $1.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.16 by $0.10. Adobe Systems had a net margin of 23.20% and a return on equity of 22.57%. The company had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $1.95 billion. During the same period in the prior year, the company earned $0.90 earnings per share. The business’s quarterly revenue was up 24.8% compared to the same quarter last year.
A number of equities research analysts have issued reports on the stock. Pivotal Research restated a “hold” rating and set a $162.00 price target (up from $160.00) on shares of Adobe Systems in a report on Friday. Vetr upgraded shares of Adobe Systems from a “sell” rating to a “hold” rating and set a $146.89 price target for the company in a report on Wednesday, September 20th. Jefferies Group increased their target price on shares of Adobe Systems to $205.00 and gave the company a “buy” rating in a research note on Friday. Oppenheimer reiterated a “hold” rating on shares of Adobe Systems in a research note on Friday. Finally, Barclays reiterated a “buy” rating and issued a $167.00 target price on shares of Adobe Systems in a research note on Friday, September 15th. Seven equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has given a strong buy rating to the company’s stock. Adobe Systems has an average rating of “Buy” and an average target price of $183.35.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, October 11th. The shares were sold at an average price of $152.09, for a total transaction of $297,031.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Warnock sold 6,800 shares of the firm’s stock in a transaction dated Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the transaction, the director now owns 16,088 shares of the company’s stock, valued at approximately $2,802,529.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,849 shares of company stock valued at $2,554,091. Corporate insiders own 0.38% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. Parametric Portfolio Associates LLC increased its holdings in shares of Adobe Systems by 10.5% during the third quarter. Parametric Portfolio Associates LLC now owns 1,451,549 shares of the software company’s stock worth $216,542,000 after buying an additional 138,133 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of Adobe Systems during the third quarter worth approximately $216,000. GSA Capital Partners LLP acquired a new stake in shares of Adobe Systems during the third quarter worth approximately $2,890,000. Cypress Capital Group increased its holdings in shares of Adobe Systems by 26.6% during the third quarter. Cypress Capital Group now owns 10,907 shares of the software company’s stock worth $1,627,000 after buying an additional 2,290 shares in the last quarter. Finally, Fieldpoint Private Securities LLC increased its holdings in shares of Adobe Systems by 24.0% during the third quarter. Fieldpoint Private Securities LLC now owns 8,007 shares of the software company’s stock worth $1,194,000 after buying an additional 1,552 shares in the last quarter. Hedge funds and other institutional investors own 87.45% of the company’s stock.
The firm has a market cap of $88,760.00, a price-to-earnings ratio of 49.44, a price-to-earnings-growth ratio of 2.21 and a beta of 1.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05.
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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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