Adobe Systems Incorporated (ADBE) Downgraded to “Hold” at Deutsche Bank AG
Deutsche Bank AG lowered shares of Adobe Systems Incorporated (NASDAQ:ADBE) from a buy rating to a hold rating in a research note issued to investors on Monday. They currently have $160.00 price objective on the software company’s stock, up from their prior price objective of $153.93.
Other equities research analysts have also issued reports about the stock. BidaskClub raised shares of Adobe Systems from a buy rating to a strong-buy rating in a report on Wednesday, August 16th. Vetr raised shares of Adobe Systems from a sell rating to a hold rating and set a $146.89 price objective for the company in a report on Wednesday, September 20th. Piper Jaffray Companies increased their price objective on shares of Adobe Systems from $160.00 to $180.00 and gave the company an overweight rating in a report on Wednesday, June 21st. Stifel Nicolaus increased their price objective on shares of Adobe Systems from $150.00 to $163.00 and gave the company a buy rating in a report on Wednesday, June 21st. Finally, Barclays PLC increased their price objective on shares of Adobe Systems from $155.00 to $161.00 and gave the company an overweight rating in a report on Wednesday, June 21st. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $158.16.
Shares of Adobe Systems (ADBE) opened at 150.46 on Monday. The company has a market capitalization of $74.17 billion, a price-to-earnings ratio of 47.30 and a beta of 0.99. The firm’s 50-day moving average is $152.02 and its 200 day moving average is $143.47. Adobe Systems has a 12 month low of $98.00 and a 12 month high of $157.89.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the firm posted $0.75 EPS. The company’s revenue was up 25.8% on a year-over-year basis. Equities analysts expect that Adobe Systems will post $4.22 EPS for the current year.
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In other news, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Donna Morris sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 20th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,359 shares of company stock worth $4,255,181. Insiders own 0.38% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Advisors Ltd. LLC purchased a new position in Adobe Systems in the second quarter valued at about $100,000. CWM LLC grew its stake in Adobe Systems by 11.8% in the second quarter. CWM LLC now owns 748 shares of the software company’s stock valued at $106,000 after purchasing an additional 79 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. purchased a new position in Adobe Systems in the second quarter valued at about $141,000. Acrospire Investment Management LLC grew its stake in Adobe Systems by 100.0% in the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares during the last quarter. Finally, CWH Capital Management Inc. purchased a new position in Adobe Systems in the second quarter valued at about $141,000. Institutional investors own 87.49% 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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