Vetr cut shares of Adobe Systems Inc. (NASDAQ:ADBE) from a hold rating to a sell rating in a research report sent to investors on Monday morning. The firm currently has $105.68 target price on the software company’s stock.
Other analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Adobe Systems from a hold rating to a buy rating and set a $103.00 target price on the stock in a report on Monday, June 27th. Citigroup Inc. lowered their price objective on shares of Adobe Systems from $117.00 to $114.00 and set a buy rating on the stock in a report on Wednesday, June 22nd. Deutsche Bank AG reiterated a buy rating and issued a $120.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Canaccord Genuity reiterated a buy rating and issued a $110.00 price objective on shares of Adobe Systems in a report on Wednesday, June 22nd. Finally, Rosenblatt Securities lifted their price objective on shares of Adobe Systems from $112.00 to $120.00 and gave the company a buy rating in a report on Wednesday, June 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the stock. Adobe Systems has an average rating of Buy and a consensus target price of $111.37.
Adobe Systems (NASDAQ:ADBE) traded down 1.607% during trading on Monday, reaching $107.485. 473,520 shares of the company traded hands. The company’s 50-day moving average is $104.05 and its 200 day moving average is $98.51. Adobe Systems has a 12 month low of $71.27 and a 12 month high of $110.13. The company has a market cap of $53.44 billion, a PE ratio of 54.839 and a beta of 1.27.
Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.72 by $0.03. The firm had revenue of $1.46 billion for the quarter. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The business’s quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter last year, the business posted $0.54 earnings per share. On average, analysts anticipate that Adobe Systems will post $2.97 earnings per share for the current year.
In related news, Director James E. Daley sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 20th. The stock was sold at an average price of $98.50, for a total value of $492,500.00. Following the sale, the director now directly owns 33,086 shares in the company, valued at $3,258,971. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Ann Lewnes sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, July 29th. The shares were sold at an average price of $98.40, for a total value of $393,600.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ADBE. Virginia Retirement System bought a new stake in shares of Adobe Systems during the first quarter valued at approximately $759,000. NN Investment Partners Holdings N.V. bought a new stake in shares of Adobe Systems during the first quarter valued at approximately $1,797,000. C M Bidwell & Associates Ltd. bought a new stake in shares of Adobe Systems during the first quarter valued at approximately $317,000. Aviva PLC boosted its stake in shares of Adobe Systems by 1.7% in the first quarter. Aviva PLC now owns 279,097 shares of the software company’s stock valued at $26,179,000 after buying an additional 4,659 shares during the last quarter. Finally, AMF Pensionsforsakring AB boosted its stake in shares of Adobe Systems by 5.5% in the first quarter. AMF Pensionsforsakring AB now owns 358,452 shares of the software company’s stock valued at $33,623,000 after buying an additional 18,823 shares during the last quarter. Institutional investors and hedge funds own 87.72% 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.
To view Vetr’s full report, visit Vetr’s official website.
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