Adobe Systems (NASDAQ:ADBE)‘s stock had its “buy” rating reiterated by research analysts at Bank of America in a research report issued on Tuesday. They currently have a $269.00 price target on the software company’s stock, up from their previous price target of $253.00. Bank of America’s price target would suggest a potential upside of 19.26% from the company’s previous close.
ADBE has been the subject of a number of other research reports. KeyCorp reissued an “overweight” rating and set a $225.00 price objective (up previously from $220.00) on shares of Adobe Systems in a research report on Tuesday, January 23rd. Vetr raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 price objective for the company in a research report on Wednesday, November 29th. Zacks Investment Research downgraded shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 21st. Guggenheim reissued a “buy” rating and set a $230.00 price objective on shares of Adobe Systems in a research report on Tuesday, January 23rd. Finally, BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 9th. Eight investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $214.06.
Shares of Adobe Systems (NASDAQ ADBE) traded up $6.68 during mid-day trading on Tuesday, hitting $225.55. 8,706,841 shares of the stock were exchanged, compared to its average volume of 2,547,162. Adobe Systems has a 12-month low of $124.51 and a 12-month high of $228.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 2.05 and a current ratio of 2.05. The company has a market cap of $107,975.90, a P/E ratio of 59.99, a price-to-earnings-growth ratio of 2.62 and a beta of 1.10.
In other Adobe Systems news, Director John E. Warnock sold 4,600 shares of the business’s stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $174.55, for a total value of $802,930.00. Following the sale, the director now owns 16,088 shares in the company, valued at approximately $2,808,160.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse purchased 1,125 shares of the firm’s stock in a transaction on Monday, December 18th. The stock was bought at an average price of $177.35 per share, for a total transaction of $199,518.75. Following the purchase, the director now owns 31,453 shares in the company, valued at $5,578,189.55. The disclosure for this purchase can be found here. In the last quarter, insiders sold 349,246 shares of company stock worth $66,987,577. Corporate insiders own 0.33% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. Avestar Capital LLC purchased a new stake in Adobe Systems in the 4th quarter worth $109,000. Cerebellum GP LLC purchased a new stake in Adobe Systems in the 4th quarter worth $118,000. Community Bank N.A. purchased a new stake in Adobe Systems in the 4th quarter worth $122,000. BB&T Investment Services Inc. lifted its stake in Adobe Systems by 42.4% in the 3rd quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock worth $138,000 after purchasing an additional 275 shares in the last quarter. Finally, Truewealth LLC purchased a new stake in shares of Adobe Systems during the 4th quarter valued at about $162,000. Institutional investors and hedge funds own 87.06% 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.
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