Adobe Systems Incorporated (ADBE) Earns “Positive” Rating from Credit Suisse Group
Credit Suisse Group reiterated their positive rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report published on Wednesday morning, The Fly reports. They currently have a $170.00 price objective on the software company’s stock, up from their prior price objective of $160.00.
Other equities research analysts have also recently issued reports about the stock. BidaskClub raised shares of Adobe Systems from a buy rating to a strong-buy rating in a research report on Wednesday, August 16th. Vetr cut shares of Adobe Systems from a buy rating to a hold rating and set a $147.85 target price on the stock. in a research report on Thursday, May 25th. Barclays PLC raised their target price on shares of Adobe Systems from $155.00 to $161.00 and gave the stock an overweight rating in a research report on Wednesday, June 21st. Stifel Nicolaus raised their target price on shares of Adobe Systems from $150.00 to $163.00 and gave the stock a buy rating in a research report on Wednesday, June 21st. Finally, Piper Jaffray Companies raised their target price on shares of Adobe Systems from $160.00 to $180.00 and gave the stock an overweight rating in a research report on Wednesday, June 21st. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $157.28.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 148.50 on Wednesday. The stock has a market capitalization of $73.27 billion, a P/E ratio of 51.72 and a beta of 1.00. The stock has a 50 day moving average of $151.61 and a 200-day moving average of $140.16. Adobe Systems has a 1-year low of $98.00 and a 1-year high of $157.89. Adobe Systems also was the target of unusually large options trading activity on Wednesday. Stock traders purchased 27,240 put options on the stock. This is an increase of 752% compared to the typical daily volume of 3,199 put options.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.82 billion. During the same period last year, the company earned $0.75 earnings per share. The company’s quarterly revenue was up 25.8% on a year-over-year basis. Equities research analysts predict that Adobe Systems will post $4.22 earnings per share for the current fiscal year.
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In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, July 12th. The shares were sold at an average price of $144.00, for a total value of $281,232.00. Following the completion of the transaction, the executive vice president now owns 59,991 shares of the company’s stock, valued at $8,638,704. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Donna Morris sold 10,000 shares of Adobe Systems stock in a transaction on Thursday, July 20th. The stock was sold at an average price of $150.00, for a total transaction of $1,500,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,359 shares of company stock valued at $9,449,192. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Bogart Wealth LLC acquired a new position in shares of Adobe Systems during the second quarter valued at $204,000. W. E. Donoghue & Co. LLC acquired a new position in shares of Adobe Systems during the second quarter valued at $2,318,000. Intl Fcstone Inc. acquired a new position in shares of Adobe Systems during the second quarter valued at $305,000. USA Financial Portformulas Corp acquired a new position in shares of Adobe Systems during the second quarter valued at $6,210,000. Finally, WFG Advisors LP boosted its holdings in shares of Adobe Systems by 5.9% during the second quarter. WFG Advisors LP now owns 1,338 shares of the software company’s stock valued at $189,000 after acquiring an additional 75 shares during the period. 87.40% of the stock is owned by institutional investors.
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.
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