Adobe Systems Inc. (ADBE) Given New $116.00 Price Target at Royal Bank Of Canada
Adobe Systems Inc. (NASDAQ:ADBE) had its target price increased by Royal Bank Of Canada from $115.00 to $116.00 in a report published on Wednesday morning. They currently have an outperform rating on the software company’s stock.
A number of other research firms have also recently weighed in on ADBE. Credit Suisse Group AG increased their price objective on Adobe Systems from $65.00 to $70.00 and gave the stock a neutral rating in a research report on Wednesday, June 1st. Vetr cut Adobe Systems from a buy rating to a hold rating and set a $95.70 price objective for the company. in a research report on Tuesday, July 5th. Rosenblatt Securities reissued a buy rating and set a $112.00 target price on shares of Adobe Systems in a research note on Monday, June 13th. Goldman Sachs Group Inc. increased their target price on Adobe Systems from $104.00 to $112.00 and gave the stock a neutral rating in a research note on Wednesday. Finally, Canaccord Genuity reissued a buy rating and set a $110.00 target price on shares of Adobe Systems in a research note on Wednesday, June 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $109.96.
Shares of Adobe Systems (NASDAQ:ADBE) traded down 0.32% during mid-day trading on Wednesday, hitting $107.43. The stock had a trading volume of 689,255 shares. The stock has a 50 day moving average price of $100.78 and a 200-day moving average price of $96.58. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $108.50. The company has a market cap of $53.53 billion, a PE ratio of 60.69 and a beta of 1.24.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.03. Adobe Systems had a return on equity of 15.12% and a net margin of 17.86%. The company earned $1.46 billion during the quarter. During the same period in the previous year, the business posted $0.54 earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. On average, equities analysts expect that Adobe Systems will post $2.87 earnings per share for the current fiscal year.
In related news, CMO Ann Lewnes sold 4,000 shares of the business’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $92.39, for a total value of $369,560.00. Following the completion of the sale, the chief marketing officer now directly owns 46,828 shares of the company’s stock, valued at $4,326,438.92. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Richard Rowley sold 271 shares of the business’s stock in a transaction dated Friday, July 1st. The shares were sold at an average price of $95.68, for a total value of $25,929.28. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
A number of hedge funds have recently made changes to their positions in ADBE. BB&T Securities LLC raised its stake in shares of Adobe Systems by 126.8% in the second quarter. BB&T Securities LLC now owns 12,934 shares of the software company’s stock valued at $1,238,000 after buying an additional 7,231 shares in the last quarter. Norinchukin Bank The raised its stake in shares of Adobe Systems by 2.6% in the second quarter. Norinchukin Bank The now owns 26,236 shares of the software company’s stock valued at $2,513,000 after buying an additional 660 shares in the last quarter. National Pension Service raised its stake in shares of Adobe Systems by 4.3% in the first quarter. National Pension Service now owns 273,210 shares of the software company’s stock valued at $25,627,000 after buying an additional 11,220 shares in the last quarter. AMP Capital Investors Ltd raised its stake in shares of Adobe Systems by 16.1% in the first quarter. AMP Capital Investors Ltd now owns 328,285 shares of the software company’s stock valued at $30,786,000 after buying an additional 45,577 shares in the last quarter. Finally, Nordea Investment Management AB raised its stake in shares of Adobe Systems by 5.5% in the second quarter. Nordea Investment Management AB now owns 45,538 shares of the software company’s stock valued at $4,362,000 after buying an additional 2,370 shares in the last quarter. 87.53% of the stock is owned by hedge funds and other 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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