Adobe Systems Incorporated (NASDAQ:ADBE) was downgraded by analysts at Vetr from a “hold” rating to a “sell” rating in a research note issued on Thursday, August 31st. They currently have a $150.30 price objective on the software company’s stock. Vetr‘s price objective indicates a potential downside of 2.71% from the company’s previous close.
Other analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, August 16th. Pivotal Research reiterated a “sell” rating and issued a $114.00 price target (up previously from $112.00) on shares of Adobe Systems in a research note on Wednesday, June 21st. Piper Jaffray Companies boosted their price target on shares of Adobe Systems from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 21st. Stifel Nicolaus upped their target price on shares of Adobe Systems from $150.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, June 21st. Finally, Barclays PLC upped their target price on shares of Adobe Systems from $155.00 to $161.00 and gave the company an “overweight” rating in a research report on Wednesday, June 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $153.88.
Adobe Systems (NASDAQ ADBE) traded down 0.30% during mid-day trading on Thursday, hitting $154.49. The stock had a trading volume of 2,966,558 shares. Adobe Systems has a 1-year low of $98.00 and a 1-year high of $157.89. The stock has a market cap of $76.23 billion, a PE ratio of 53.81 and a beta of 1.00. The firm’s 50-day moving average price is $150.82 and its 200-day moving average price is $139.09.
Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.07. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. Adobe Systems’s quarterly revenue was up 26.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.71 EPS. On average, equities analysts expect that Adobe Systems will post $4.06 earnings per share for the current year.
In related news, Director Daniel Rosensweig sold 11,000 shares of the firm’s stock in a transaction on Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the completion of the transaction, the director now owns 8,801 shares of the company’s stock, valued at $1,264,791.71. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Abhay Parasnis sold 12,500 shares of the firm’s stock in a transaction on Friday, July 21st. The stock was sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 101,959 shares of company stock valued at $14,870,874. 0.38% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Clean Yield Group acquired a new stake in Adobe Systems during the first quarter valued at $100,000. Capital Advisors Ltd. LLC acquired a new stake in Adobe Systems during the second quarter valued at $100,000. CWM LLC grew its position in Adobe Systems by 11.8% during the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after buying an additional 79 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in Adobe Systems during the first quarter valued at $113,000. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. grew its position in Adobe Systems by 86.2% during the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock valued at $141,000 after buying an additional 500 shares during the period. Institutional investors own 87.53% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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