Cowen and Company Reaffirms “Outperform” Rating for Adobe Systems Incorporated (ADBE)
Cowen and Company reaffirmed their outperform rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a research report released on Tuesday morning. They currently have a $165.00 target price on the software company’s stock.
A number of other equities analysts also recently issued reports on the company. Robert W. Baird restated an outperform rating and set a $160.00 price objective (up from $140.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. Vetr downgraded Adobe Systems from a hold rating to a sell rating and set a $150.30 price objective for the company. in a research report on Thursday, August 31st. Oppenheimer Holdings, Inc. restated a market perform rating on shares of Adobe Systems in a research report on Monday, June 26th. Moffett Nathanson initiated coverage on Adobe Systems in a research report on Wednesday, September 6th. They set a buy rating and a $195.00 price objective for the company. Finally, Wunderlich restated a buy rating and set a $165.00 price objective (up from $145.00) on shares of Adobe Systems in a research report on Wednesday, June 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Adobe Systems currently has a consensus rating of Buy and an average price target of $158.16.
Shares of Adobe Systems (NASDAQ ADBE) opened at 150.25 on Tuesday. The company has a market capitalization of $74.06 billion, a PE ratio of 47.23 and a beta of 0.98. The firm’s 50-day moving average price is $151.54 and its 200 day moving average price is $142.15. Adobe Systems has a one year low of $98.00 and a one year high of $157.89.
Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.01 by $0.09. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.82 billion. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period last year, the company earned $0.75 earnings per share. Analysts anticipate that Adobe Systems will post $4.22 earnings per share for the current year.
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In related news, EVP Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total transaction of $304,433.64. Following the sale, the executive vice president now directly owns 56,356 shares in the company, valued at $8,784,773.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Abhay Parasnis sold 12,500 shares of Adobe Systems stock in a transaction on Friday, July 21st. The stock was sold at an average price of $149.38, for a total value of $1,867,250.00. The disclosure for this sale can be found here. Insiders have sold 53,359 shares of company stock worth $7,868,382 over the last quarter. 0.38% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC raised its stake in shares of Adobe Systems by 4.9% in the second quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after buying an additional 1,651,762 shares during the period. BlackRock Inc. raised its stake in shares of Adobe Systems by 8.2% in the second quarter. BlackRock Inc. now owns 34,445,217 shares of the software company’s stock valued at $4,871,931,000 after buying an additional 2,621,275 shares during the period. Vanguard Group Inc. raised its stake in shares of Adobe Systems by 2.9% in the second quarter. Vanguard Group Inc. now owns 33,998,738 shares of the software company’s stock valued at $4,808,783,000 after buying an additional 943,487 shares during the period. State Street Corp raised its stake in shares of Adobe Systems by 1.2% in the first quarter. State Street Corp now owns 19,516,573 shares of the software company’s stock valued at $2,539,679,000 after buying an additional 234,270 shares during the period. Finally, Janus Henderson Group PLC raised its stake in shares of Adobe Systems by 784.4% in the second quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after buying an additional 9,957,241 shares during the period. Hedge funds and other institutional investors own 87.43% 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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