Adobe Systems Incorporated (NASDAQ:ADBE) shares reached a new 52-week high on Thursday . The stock traded as high as $179.64 and last traded at $0.00, with a volume of shares.
ADBE has been the topic of several recent analyst reports. Jefferies Group LLC restated a “buy” rating and set a $175.00 price objective on shares of Adobe Systems in a research note on Tuesday, September 12th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $180.00 target price on shares of Adobe Systems in a report on Tuesday, September 12th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $157.00 target price on shares of Adobe Systems in a report on Monday, July 31st. Vetr raised shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $157.68 target price for the company in a report on Tuesday, July 18th. Finally, Moffett Nathanson started coverage on shares of Adobe Systems in a report on Wednesday, September 6th. They set a “buy” rating and a $195.00 target price for the company. Seven investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $170.06.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data 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. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business’s quarterly revenue was up 25.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 EPS.
In related news, CMO Ann Lewnes sold 1,953 shares of Adobe Systems stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $146.68, for a total value of $286,466.04. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director John E. Warnock sold 6,800 shares of Adobe Systems stock in a transaction on Friday, October 20th. The stock was sold at an average price of $174.20, for a total transaction of $1,184,560.00. Following the completion of the transaction, the director now directly owns 16,088 shares in the company, valued at $2,802,529.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,849 shares of company stock worth $2,452,281. 0.38% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Aviva PLC increased its stake in shares of Adobe Systems by 0.4% in the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock worth $44,194,000 after buying an additional 1,250 shares during the period. Bender Robert & Associates purchased a new position in shares of Adobe Systems in the third quarter worth $3,476,000. Morgan Stanley increased its stake in shares of Adobe Systems by 52.2% in the first quarter. Morgan Stanley now owns 1,624,287 shares of the software company’s stock worth $211,367,000 after buying an additional 557,169 shares during the period. Arcadia Investment Management Corp MI increased its stake in shares of Adobe Systems by 6.9% in the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock worth $4,886,000 after buying an additional 2,242 shares during the period. Finally, Gofen & Glossberg LLC IL increased its stake in shares of Adobe Systems by 2.7% in the first quarter. Gofen & Glossberg LLC IL now owns 25,943 shares of the software company’s stock worth $3,376,000 after buying an additional 673 shares during the period. 87.64% of the stock is currently owned by institutional investors.
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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