Adobe Systems Incorporated (ADBE) Price Target Increased to $109.00 by Analysts at Pivotal Research

Adobe Systems Incorporated (NASDAQ:ADBE) had its price objective hoisted by Pivotal Research from $104.00 to $109.00 in a research note released on Friday morning. Pivotal Research currently has a hold rating on the software company’s stock.

A number of other equities research analysts have also recently commented on ADBE. Canaccord Genuity reissued a buy rating and issued a $145.00 price objective (up from $125.00) on shares of Adobe Systems in a research note on Tuesday, March 14th. Citigroup Inc increased their price objective on shares of Adobe Systems to $141.00 and gave the company a buy rating in a research note on Friday. Cowen and Company reissued a buy rating and issued a $120.00 price objective on shares of Adobe Systems in a research note on Tuesday, December 13th. Royal Bank of Canada increased their price objective on shares of Adobe Systems from $130.00 to $135.00 and gave the company an outperform rating in a research note on Friday. Finally, Zacks Investment Research raised shares of Adobe Systems from a sell rating to a hold rating in a research note on Wednesday, December 21st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $125.71.

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

Adobe Systems (NASDAQ:ADBE) traded down 0.86% on Friday, hitting $125.92. 2,291,250 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $118.41 and its 200-day moving average price is $109.05. Adobe Systems has a 12-month low of $90.35 and a 12-month high of $130.30. The company has a market cap of $62.21 billion, a PE ratio of 54.28 and a beta of 1.06.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, March 16th. The software company reported $0.94 EPS for the quarter, beating the Zacks’ consensus estimate of $0.87 by $0.07. The firm had revenue of $1.68 billion for the quarter, compared to analysts’ expectations of $1.65 billion. Adobe Systems had a net margin of 19.96% and a return on equity of 17.23%. The firm’s revenue was up 21.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.66 EPS. Analysts forecast that Adobe Systems will post $3.94 earnings per share for the current year.

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In related news, CFO Mark Garrett sold 45,199 shares of the firm’s stock in a transaction that occurred on Monday, February 6th. The shares were sold at an average price of $114.12, for a total value of $5,158,109.88. Following the transaction, the chief financial officer now owns 6,339 shares in the company, valued at $723,406.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Richard Rowley sold 1,348 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $108.13, for a total transaction of $145,759.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 396,890 shares of company stock worth $44,505,838. Insiders own 0.43% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. IFP Advisors Inc raised its position in Adobe Systems by 10.9% in the second quarter. IFP Advisors Inc now owns 3,212 shares of the software company’s stock valued at $308,000 after buying an additional 316 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in Adobe Systems by 96.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,110 shares of the software company’s stock valued at $777,000 after buying an additional 3,983 shares during the last quarter. First Mercantile Trust Co. raised its position in Adobe Systems by 15.2% in the third quarter. First Mercantile Trust Co. now owns 11,400 shares of the software company’s stock valued at $1,231,000 after buying an additional 1,500 shares during the last quarter. Conestoga Capital Advisors LLC acquired a new position in Adobe Systems during the third quarter valued at approximately $220,000. Finally, Gradient Investments LLC raised its position in Adobe Systems by 4.0% in the third quarter. Gradient Investments LLC now owns 3,269 shares of the software company’s stock valued at $355,000 after buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 87.25% 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.

5 Day Chart for NASDAQ:ADBE

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