Adobe Systems Inc. (NASDAQ:ADBE) was downgraded by equities researchers at Vetr from a “buy” rating to a “hold” rating in a report issued on Monday. They presently have a $112.28 price objective on the software company’s stock. Vetr‘s target price would suggest a potential upside of 6.91% from the company’s current price.
Several other analysts also recently weighed in on ADBE. Piper Jaffray Cos. started coverage on Adobe Systems in a research note on Monday, July 25th. They set an “overweight” rating and a $125.00 price target on the stock. Stephens started coverage on Adobe Systems in a research note on Wednesday, August 10th. They set an “overweight” rating and a $125.00 price target on the stock. Zacks Investment Research downgraded Adobe Systems from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 19th. Robert W. Baird upgraded Adobe Systems from a “neutral” rating to an “outperform” rating and set a $85.00 price target on the stock in a research note on Thursday, August 25th. Finally, Bank of America Corp. reiterated a “buy” rating and set a $109.00 price target on shares of Adobe Systems in a research note on Thursday, September 15th. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $112.87.
Shares of Adobe Systems (NASDAQ:ADBE) traded up 0.78% during mid-day trading on Monday, reaching $105.02. The company had a trading volume of 938,191 shares. The company has a market capitalization of $52.22 billion, a price-to-earnings ratio of 53.58 and a beta of 1.14. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $111.09. The stock has a 50 day moving average of $106.90 and a 200-day moving average of $101.34.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The business had revenue of $1.46 billion for the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.54 EPS. On average, analysts expect that Adobe Systems will post $2.98 earnings per share for the current fiscal year.
In other Adobe Systems news, Chairman John E. Warnock sold 5,000 shares of the firm’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $106.99, for a total value of $534,950.00. Following the sale, the chairman now directly owns 16,088 shares in the company, valued at $1,721,255.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Daniel Rosensweig sold 13,000 shares of the firm’s stock in a transaction on Monday, September 26th. The shares were sold at an average price of $107.42, for a total value of $1,396,460.00. Following the completion of the sale, the director now owns 13,000 shares in the company, valued at $1,396,460. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. boosted its stake in Adobe Systems by 16,033.1% in the second quarter. Brown Advisory Inc. now owns 3,828,878 shares of the software company’s stock worth $366,768,000 after buying an additional 3,805,145 shares in the last quarter. FMR LLC boosted its stake in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock worth $3,481,242,000 after buying an additional 2,249,163 shares in the last quarter. Janus Capital Management LLC boosted its stake in Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock worth $1,279,159,000 after buying an additional 2,215,100 shares in the last quarter. Vanguard Group Inc. boosted its stake in Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock worth $2,953,789,000 after buying an additional 1,325,228 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in Adobe Systems during the second quarter worth $115,522,000. Institutional investors own 88.01% of the company’s stock.
Adobe Systems Company Profile
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.