Adobe Systems Incorporated (ADBE) Price Target Raised to $181.00 at Barclays PLC
Adobe Systems Incorporated (NASDAQ:ADBE) had its price target hoisted by equities researchers at Barclays PLC from $167.00 to $181.00 in a research note issued on Thursday. The firm presently has an “overweight” rating on the software company’s stock. Barclays PLC’s price target would indicate a potential upside of 5.40% from the company’s previous close.
A number of other brokerages have also recently issued reports on ADBE. BMO Capital Markets reissued an “outperform” rating on shares of Adobe Systems in a research note on Tuesday, September 12th. Jefferies Group LLC reissued a “buy” rating and issued a $175.00 price objective on shares of Adobe Systems in a research note on Tuesday, September 12th. Canaccord Genuity reissued a “buy” rating and issued a $170.00 price objective (up from $165.00) on shares of Adobe Systems in a research note on Wednesday, September 20th. Wells Fargo & Company reissued a “hold” rating and issued a $145.00 price objective (up from $127.50) on shares of Adobe Systems in a research note on Wednesday, September 20th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $163.00 price objective on shares of Adobe Systems in a research note on Wednesday, September 20th. Eight equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $167.70.
Shares of Adobe Systems (ADBE) traded up 12.24% on Thursday, hitting $171.73. The stock had a trading volume of 13,389,661 shares. The firm has a market capitalization of $84.65 billion, a P/E ratio of 53.99 and a beta of 0.98. The company has a 50 day moving average of $151.96 and a 200-day moving average of $143.83. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $172.15.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to analysts’ expectations of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period last year, the firm earned $0.75 earnings per share. Equities analysts predict that Adobe Systems will post $4.22 EPS for the current fiscal year.
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In related news, EVP Ann Lewnes sold 1,953 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares in the company, valued at $8,784,773.28. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Abhay Parasnis sold 12,500 shares of the business’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $149.38, for a total transaction of $1,867,250.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,359 shares of company stock worth $2,755,181. 0.38% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Advisors Ltd. LLC acquired a new position in shares of Adobe Systems during the second quarter valued at about $100,000. CWM LLC raised its holdings in shares of Adobe Systems by 11.8% during 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 period. Sumitomo Mitsui Financial Group Inc. acquired a new position in shares of Adobe Systems during the second quarter valued at about $141,000. Acrospire Investment Management LLC raised its holdings in shares of Adobe Systems by 100.0% during 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 period. Finally, CWH Capital Management Inc. acquired a new position in shares of Adobe Systems during the second quarter valued at about $141,000. Hedge funds and other institutional investors own 87.49% of the company’s stock.
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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