Bank of America Corp. reaffirmed their buy rating on shares of Adobe Systems Inc. (NASDAQ:ADBE) in a report published on Thursday morning. Bank of America Corp. currently has a $109.00 price target on the software company’s stock.

A number of other analysts also recently weighed in on ADBE. Credit Suisse Group AG upped their price target on shares of Adobe Systems from $65.00 to $70.00 and gave the stock a neutral rating in a report on Wednesday, June 1st. Vetr downgraded shares of Adobe Systems from a strong-buy rating to a buy rating and set a $109.00 price target for the company. in a report on Tuesday, May 24th. Goldman Sachs Group Inc. reaffirmed a neutral rating and set a $105.00 price target (up previously from $100.00) on shares of Adobe Systems in a report on Wednesday, June 22nd. Royal Bank Of Canada reaffirmed an outperform rating and set a $104.00 price target on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Piper Jaffray Cos. began coverage on shares of Adobe Systems in a report on Monday, July 25th. They set an overweight rating and a $125.00 price target for the company. Eight analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $105.64.

Adobe Systems (NASDAQ:ADBE) opened at 100.62 on Thursday. The company has a market capitalization of $50.14 billion, a PE ratio of 56.85 and a beta of 1.24. The stock’s 50 day moving average is $100.45 and its 200-day moving average is $96.50. Adobe Systems has a 12 month low of $71.27 and a 12 month high of $104.16.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 20th. The software company reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 16.88% and a return on equity of 13.86%. The company earned $1.46 billion during the quarter, compared to the consensus estimate of $1.45 billion. During the same quarter in the prior year, the firm posted $0.54 EPS. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. On average, analysts expect that Adobe Systems will post $2.87 EPS for the current year.

In other news, EVP Bradley Rencher sold 37,562 shares of the stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.46, for a total transaction of $3,585,668.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Richard Rowley sold 271 shares of the stock in a transaction on Friday, July 1st. The stock was sold at an average price of $95.68, for a total transaction of $25,929.28. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

Several large investors have recently bought and sold shares of ADBE. 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 valued at $366,768,000 after buying an additional 3,805,145 shares during the period. FMR LLC raised its position in shares of Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock valued at $3,481,242,000 after buying an additional 2,249,163 shares in the last quarter. Janus Capital Management LLC raised its position in shares of 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 valued at $1,279,159,000 after buying an additional 2,215,100 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Adobe Systems by 11.2% in the first quarter. JPMorgan Chase & Co. now owns 17,555,131 shares of the software company’s stock valued at $1,646,671,000 after buying an additional 1,764,349 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Adobe Systems by 46.2% in the first quarter. Wellington Management Group LLP now owns 5,463,118 shares of the software company’s stock valued at $512,441,000 after buying an additional 1,726,306 shares in the last quarter. 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.

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