KeyCorp Reaffirms “Overweight” Rating for Adobe Systems Incorporated (ADBE)
KeyCorp restated their overweight rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report issued on Wednesday morning, MarketBeat reports. They currently have a $216.00 price objective on the software company’s stock, up from their previous price objective of $178.00. KeyCorp also issued estimates for Adobe Systems’ Q4 2018 earnings at $1.31 EPS.
Other equities research analysts have also issued research reports about the company. BidaskClub upgraded Adobe Systems from a buy rating to a strong-buy rating in a research note on Wednesday, August 16th. Vetr upgraded Adobe Systems from a sell rating to a hold rating and set a $146.89 target price on the stock in a research report on Wednesday, September 20th. Barclays PLC reiterated a buy rating and issued a $167.00 target price on shares of Adobe Systems in a research report on Friday, September 15th. Piper Jaffray Companies reiterated a buy rating and issued a $180.00 target price on shares of Adobe Systems in a research report on Tuesday, September 12th. Finally, Wells Fargo & Company reiterated a hold rating and issued a $145.00 target price (up previously from $127.50) on shares of Adobe Systems in a research report on Wednesday, September 20th. Six research analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has issued a strong buy rating to the company. Adobe Systems presently has an average rating of Buy and an average price target of $175.43.
Shares of Adobe Systems (NASDAQ ADBE) opened at $184.46 on Wednesday. Adobe Systems has a 52 week low of $98.00 and a 52 week high of $185.55. The firm has a market capitalization of $90,159.27, a PE ratio of 55.09, a PEG ratio of 3.11 and a beta of 1.05. The company has a current ratio of 2.05, a quick ratio of 2.05 and a debt-to-equity ratio of 0.23.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same quarter in the previous year, the firm earned $0.75 earnings per share. The company’s revenue was up 25.8% on a year-over-year basis. research analysts forecast that Adobe Systems will post 3.46 EPS for the current fiscal year.
In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $155.88, for a total value of $304,433.64. Following the completion of the sale, the executive vice president now directly owns 56,356 shares in the company, valued at approximately $8,784,773.28. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John E. Warnock sold 6,800 shares of the company’s stock in a transaction on Friday, October 20th. The shares were sold at an average price of $174.20, for a total value of $1,184,560.00. Following the completion of the sale, the director now owns 16,088 shares of the company’s stock, valued at $2,802,529.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,849 shares of company stock valued at $2,519,679. 0.38% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new stake in Adobe Systems in the 3rd quarter valued at about $216,000. GSA Capital Partners LLP purchased a new position in shares of Adobe Systems in the 3rd quarter valued at approximately $2,890,000. Cypress Capital Group grew its stake in shares of Adobe Systems by 26.6% in the 3rd quarter. Cypress Capital Group now owns 10,907 shares of the software company’s stock valued at $1,627,000 after purchasing an additional 2,290 shares during the last quarter. Fieldpoint Private Securities LLC grew its stake in shares of Adobe Systems by 24.0% in the 3rd quarter. Fieldpoint Private Securities LLC now owns 8,007 shares of the software company’s stock valued at $1,194,000 after purchasing an additional 1,552 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC purchased a new position in shares of Adobe Systems in the 3rd quarter valued at approximately $799,000. Institutional investors and hedge funds own 87.21% of the company’s stock.
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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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