Credit Suisse Group lowered shares of Adobe Systems Incorporated (NASDAQ:ADBE) to a hold rating in a report published on Sunday morning. They currently have $160.00 price target on the software company’s stock.
A number of other analysts have also recently issued reports on the company. Barclays PLC reaffirmed a buy rating and issued a $167.00 price objective on shares of Adobe Systems in a research report on Friday, September 15th. Zacks Investment Research cut Adobe Systems from a hold rating to a sell rating in a research report on Thursday, September 14th. Piper Jaffray Companies reaffirmed a buy rating and issued a $180.00 price objective on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reaffirmed a buy rating and issued a $175.00 price objective on shares of Adobe Systems in a research report on Tuesday, September 12th. Finally, BMO Capital Markets reaffirmed an outperform rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, six have given a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Adobe Systems currently has a consensus rating of Buy and an average price target of $157.28.
Adobe Systems (NASDAQ ADBE) opened at 149.96 on Friday. The firm has a 50-day moving average price of $151.61 and a 200 day moving average price of $140.16. The company has a market capitalization of $73.99 billion, a P/E ratio of 52.23 and a beta of 1.00. Adobe Systems has a 12 month low of $98.00 and a 12 month high of $157.89. Adobe Systems also saw some unusual options trading on Monday. Stock traders purchased 14,327 call options on the company. This is an increase of 408% compared to the average daily volume of 2,821 call options.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.80% and a net margin of 23.06%. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same period last year, the firm posted $0.75 earnings per share. The business’s revenue was up 25.8% on a year-over-year basis. Analysts expect that Adobe Systems will post $4.06 EPS for the current year.
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In related news, Director Charles M. Geschke sold 25,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $145.16, for a total transaction of $3,629,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the sale, the executive vice president now directly owns 59,991 shares in the company, valued at approximately $8,638,704. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,359 shares of company stock worth $10,174,192. 0.38% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Clean Yield Group acquired a new position in Adobe Systems during the 1st quarter worth about $100,000. Capital Advisors Ltd. LLC acquired a new position in Adobe Systems during the 2nd quarter worth about $100,000. CWM LLC lifted its holdings in Adobe Systems by 11.8% during the 2nd quarter. CWM LLC now owns 748 shares of the software company’s stock worth $106,000 after buying an additional 79 shares during the period. Signature Estate & Investment Advisors LLC acquired a new position in Adobe Systems during the 1st quarter worth about $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. lifted its holdings in Adobe Systems by 86.2% during the 1st quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the period. 87.40% of the stock is currently 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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