Adobe Systems (NASDAQ:ADBE) had its target price increased by Barclays from $297.00 to $304.00 in a research report sent to investors on Tuesday, MarketBeat.com reports. They currently have an overweight rating on the software company’s stock.

A number of other research firms also recently commented on ADBE. Zacks Investment Research raised Adobe Systems from a hold rating to a buy rating and set a $305.00 price objective on the stock in a research note on Thursday, October 4th. Citigroup boosted their price objective on Adobe Systems from $260.00 to $309.00 and gave the stock a buy rating in a research note on Friday, September 14th. Argus boosted their price objective on Adobe Systems from $289.00 to $320.00 and gave the stock a buy rating in a research note on Monday, September 17th. Jefferies Financial Group boosted their price objective on Adobe Systems to $315.00 and gave the stock a buy rating in a research note on Friday, September 14th. Finally, Pivotal Research boosted their price objective on Adobe Systems from $235.00 to $254.00 and gave the stock a hold rating in a research note on Friday, September 14th. Ten investment analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $268.79.

Shares of Adobe Systems stock opened at $245.03 on Tuesday. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.66 and a current ratio of 1.66. The firm has a market cap of $122.20 billion, a price-to-earnings ratio of 68.25, a price-to-earnings-growth ratio of 2.70 and a beta of 1.08. Adobe Systems has a 1-year low of $165.68 and a 1-year high of $277.61.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.69 by $0.04. Adobe Systems had a return on equity of 29.51% and a net margin of 28.16%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. During the same quarter in the previous year, the business earned $1.10 EPS. The firm’s revenue for the quarter was up 24.4% on a year-over-year basis. On average, research analysts forecast that Adobe Systems will post 5.66 EPS for the current fiscal year.

In other news, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction on Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total transaction of $2,730,105.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,941 shares of the business’s stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total value of $797,422.74. Following the sale, the executive vice president now directly owns 58,557 shares in the company, valued at $15,877,144.98. The disclosure for this sale can be found here. Insiders have sold 19,290 shares of company stock worth $5,033,567 over the last ninety days. 0.33% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of ADBE. Edgewood Management LLC purchased a new position in shares of Adobe Systems during the second quarter valued at $565,496,000. Morgan Stanley grew its holdings in shares of Adobe Systems by 79.1% during the second quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock valued at $836,695,000 after buying an additional 1,515,736 shares in the last quarter. Summit Trail Advisors LLC grew its holdings in shares of Adobe Systems by 29,729.8% during the first quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock valued at $513,000 after buying an additional 511,352 shares in the last quarter. Moneta Group Investment Advisors LLC purchased a new position in shares of Adobe Systems during the second quarter valued at $546,000. Finally, Chevy Chase Trust Holdings Inc. purchased a new position in shares of Adobe Systems during the second quarter valued at $102,939,000. Institutional investors and hedge funds own 85.15% of the company’s stock.

About Adobe Systems

Adobe Inc 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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