Adobe Systems Incorporated (ADBE) Lifted to “Strong-Buy” at BidaskClub
Adobe Systems Incorporated (NASDAQ:ADBE) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research report issued on Wednesday.
Other analysts have also issued reports about the stock. Stifel Nicolaus restated a “buy” rating on shares of Adobe Systems in a research report on Tuesday, April 18th. Guggenheim restated a “buy” rating and set a $155.00 price target on shares of Adobe Systems in a research report on Tuesday, April 18th. Barclays PLC began coverage on shares of Adobe Systems in a research note on Tuesday, May 2nd. They set an “overweight” rating and a $155.00 price objective for the company. Royal Bank Of Canada upped their price objective on shares of Adobe Systems from $135.00 to $157.00 and gave the company an “outperform” rating in a research note on Thursday, May 25th. Finally, Vetr downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating and set a $147.85 price objective for the company. in a research note on Thursday, May 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $154.20.
Shares of Adobe Systems (ADBE) traded up 0.36% during midday trading on Wednesday, hitting $150.90. The company’s stock had a trading volume of 315,228 shares. The stock’s 50 day moving average is $146.01 and its 200-day moving average is $133.88. Adobe Systems has a 52-week low of $97.87 and a 52-week high of $150.92. The firm has a market cap of $74.45 billion, a P/E ratio of 52.56 and a beta of 1.00.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.07. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The business’s quarterly revenue was up 26.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.71 earnings per share. Equities analysts predict that Adobe Systems will post $4.06 EPS for the current fiscal year.
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In other news, Director John E. Warnock sold 32,600 shares of the business’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total value of $4,696,682.00. Following the completion of the sale, the director now owns 16,088 shares in the company, valued at approximately $2,317,798.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Ann Lewnes sold 2,233 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $139.29, for a total transaction of $311,034.57. Following the completion of the sale, the executive vice president now owns 61,944 shares of the company’s stock, valued at approximately $8,628,179.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 102,239 shares of company stock valued at $14,877,475. 0.38% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of ADBE. Hartwell J M Limited Partnership purchased a new position in Adobe Systems during the first quarter valued at approximately $669,000. Washington Trust Bank raised its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock valued at $109,000 after buying an additional 102 shares during the period. Telemus Capital LLC raised its position in Adobe Systems by 1,097.2% in the first quarter. Telemus Capital LLC now owns 26,375 shares of the software company’s stock valued at $3,432,000 after buying an additional 24,172 shares during the period. Gateway Investment Advisers LLC raised its position in Adobe Systems by 0.4% in the first quarter. Gateway Investment Advisers LLC now owns 444,304 shares of the software company’s stock valued at $57,817,000 after buying an additional 1,866 shares during the period. Finally, Private Wealth Partners LLC raised its position in Adobe Systems by 579.1% in the first quarter. Private Wealth Partners LLC now owns 17,928 shares of the software company’s stock valued at $2,333,000 after buying an additional 15,288 shares during the period. Institutional investors and hedge funds own 87.64% 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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