Shares of Adobe Systems Incorporated (NASDAQ:ADBE) have been assigned an average rating of “Buy” from the twenty-eight ratings firms that are currently covering the company. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $126.10.
ADBE has been the topic of a number of recent research reports. Vetr upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $117.99 price target on the stock in a report on Monday, January 30th. Goldman Sachs Group Inc reiterated a “neutral” rating and set a $121.00 price target (up previously from $114.00) on shares of Adobe Systems in a report on Saturday, March 11th. Dougherty & Co reiterated a “buy” rating and set a $130.00 price target (up previously from $122.00) on shares of Adobe Systems in a report on Saturday, December 17th. Pivotal Research reiterated a “hold” rating and set a $104.00 price target (down previously from $136.00) on shares of Adobe Systems in a report on Thursday, January 12th. Finally, Zacks Investment Research lowered shares of Adobe Systems from a “hold” rating to a “sell” rating in a report on Friday, December 2nd.
In other Adobe Systems news, insider Shantanu Narayen sold 173,703 shares of Adobe Systems stock in a transaction on Wednesday, January 25th. The shares were sold at an average price of $113.91, for a total value of $19,786,508.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Garrett sold 45,199 shares of Adobe Systems stock in a transaction on Monday, February 6th. The shares were sold at an average price of $114.12, for a total transaction of $5,158,109.88. Following the completion of the sale, the chief financial officer now directly owns 6,339 shares of the company’s stock, valued at $723,406.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 396,890 shares of company stock valued at $44,505,838. Insiders own 0.43% of the company’s stock.
Several large investors have recently bought and sold shares of ADBE. Norges Bank acquired a new stake in Adobe Systems during the fourth quarter valued at approximately $411,108,000. Russell Investments Group Ltd. acquired a new stake in Adobe Systems during the fourth quarter valued at approximately $111,084,000. BlackRock Institutional Trust Company N.A. increased its stake in Adobe Systems by 7.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 14,229,808 shares of the software company’s stock valued at $1,544,503,000 after buying an additional 1,033,724 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Adobe Systems during the third quarter valued at approximately $93,476,000. Finally, Asset Management One Co. Ltd. increased its stake in Adobe Systems by 837.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 908,431 shares of the software company’s stock valued at $93,575,000 after buying an additional 811,490 shares during the last quarter. 87.25% of the stock is owned by institutional investors.
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Adobe Systems (NASDAQ:ADBE) opened at 126.31 on Thursday. The firm’s 50-day moving average price is $118.41 and its 200-day moving average price is $109.05. Adobe Systems has a 12-month low of $90.35 and a 12-month high of $130.30. The company has a market cap of $62.41 billion, a PE ratio of 54.44 and a beta of 1.06.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.07. The company had revenue of $1.68 billion for the quarter, compared to analyst estimates of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. Adobe Systems’s revenue was up 21.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.66 earnings per share. Equities research analysts forecast that Adobe Systems will post $3.94 earnings per share for the current fiscal year.
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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