Adobe Systems (NASDAQ:ADBE) had its target price raised by equities researchers at Argus to $320.00 in a research report issued to clients and investors on Monday, The Fly reports. The firm currently has a “buy” rating on the software company’s stock. Argus’ target price suggests a potential upside of 17.08% from the company’s previous close.

Several other equities analysts have also recently weighed in on the company. Robert W. Baird lifted their price target on Adobe Systems from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday. Jefferies Financial Group lifted their price target on Adobe Systems to $315.00 and gave the company a “buy” rating in a research report on Friday. Credit Suisse Group lifted their price target on Adobe Systems from $275.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday. Citigroup lifted their price target on Adobe Systems from $260.00 to $309.00 and gave the company a “buy” rating in a research report on Friday. Finally, Griffin Securities lifted their price target on Adobe Systems from $278.00 to $296.00 and gave the company a “buy” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $261.38.

NASDAQ ADBE traded down $1.38 during trading hours on Monday, hitting $273.31. 18,667 shares of the company’s stock were exchanged, compared to its average volume of 2,635,874. Adobe Systems has a 1-year low of $143.95 and a 1-year high of $277.61. The stock has a market capitalization of $131.13 billion, a P/E ratio of 76.47, a P/E/G ratio of 2.91 and a beta of 1.11. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08.

Adobe Systems (NASDAQ:ADBE) last released its earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, topping the consensus estimate of $1.69 by $0.04. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a return on equity of 27.08% and a net margin of 26.68%. The firm’s revenue was up 24.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 earnings per share. equities analysts expect that Adobe Systems will post 5.61 earnings per share for the current year.

Adobe Systems declared that its board has approved a stock buyback program on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to purchase up to 6.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

In other news, EVP Abhay Parasnis sold 10,500 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total value of $2,730,105.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Ann Lewnes sold 2,945 shares of the company’s stock in a transaction dated Wednesday, June 20th. The stock was sold at an average price of $253.50, for a total value of $746,557.50. Following the completion of the transaction, the executive vice president now owns 67,377 shares of the company’s stock, valued at $17,080,069.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 19,324 shares of company stock valued at $4,980,689. 0.33% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after purchasing an additional 1,185,325 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Adobe Systems by 2.0% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock worth $1,740,637,000 after purchasing an additional 141,525 shares in the last quarter. Polen Capital Management LLC boosted its holdings in shares of Adobe Systems by 1.6% in the 1st quarter. Polen Capital Management LLC now owns 6,461,486 shares of the software company’s stock worth $1,396,198,000 after purchasing an additional 99,181 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after purchasing an additional 1,515,736 shares in the last quarter. Finally, Edgewood Management LLC purchased a new position in shares of Adobe Systems in the 2nd quarter worth about $565,496,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Adobe Systems Company Profile

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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