Adobe Systems’ (ADBE) Buy Rating Reiterated at Canaccord Genuity

Adobe Systems (NASDAQ:ADBE)‘s stock had its “buy” rating reiterated by analysts at Canaccord Genuity in a research note issued on Tuesday, The Fly reports. They currently have a $220.00 price objective on the software company’s stock, up from their prior price objective of $195.00. Canaccord Genuity’s target price suggests a potential upside of 11.20% from the company’s previous close.

Several other research analysts also recently commented on the stock. Argus increased their price objective on shares of Adobe Systems from $170.00 to $195.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Zacks Investment Research downgraded shares of Adobe Systems from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 21st. Pivotal Research raised shares of Adobe Systems from a “sell” rating to a “hold” rating and increased their price objective for the company from $118.00 to $160.00 in a report on Wednesday, October 18th. Vetr raised shares of Adobe Systems from a “strong sell” rating to a “sell” rating and set a $163.12 price objective for the company in a report on Monday, October 23rd. Finally, Citigroup increased their price objective on shares of Adobe Systems to $202.00 and gave the company a “buy” rating in a report on Friday, December 15th. Nine equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $190.18.

Adobe Systems (ADBE) opened at $197.84 on Tuesday. The firm has a market cap of $96,483.73, a price-to-earnings ratio of 58.36, a P/E/G ratio of 2.51 and a beta of 1.06. The company has a quick ratio of 2.05, a current ratio of 2.05 and a debt-to-equity ratio of 0.23. Adobe Systems has a 1-year low of $110.30 and a 1-year high of $198.21.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Thursday, December 14th. The software company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.16 by $0.10. Adobe Systems had a net margin of 23.20% and a return on equity of 22.57%. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter in the prior year, the firm posted $0.90 EPS. Adobe Systems’s quarterly revenue was up 24.8% compared to the same quarter last year. analysts expect that Adobe Systems will post 4.58 earnings per share for the current fiscal year.

In other Adobe Systems news, Director Charles M. Geschke sold 21,276 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $186.55, for a total value of $3,969,037.80. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $173.50, for a total transaction of $338,845.50. Following the completion of the transaction, the executive vice president now owns 50,497 shares in the company, valued at $8,761,229.50. The disclosure for this sale can be found here. Insiders sold a total of 79,782 shares of company stock worth $14,234,177 over the last 90 days. Insiders own 0.38% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eastern Bank boosted its stake in shares of Adobe Systems by 2.9% during the fourth quarter. Eastern Bank now owns 86,070 shares of the software company’s stock valued at $15,083,000 after purchasing an additional 2,414 shares in the last quarter. First Manhattan Co. boosted its stake in shares of Adobe Systems by 48.1% during the fourth quarter. First Manhattan Co. now owns 8,280 shares of the software company’s stock valued at $1,450,000 after purchasing an additional 2,690 shares in the last quarter. Patten & Patten Inc. TN boosted its stake in shares of Adobe Systems by 9.8% during the fourth quarter. Patten & Patten Inc. TN now owns 48,187 shares of the software company’s stock valued at $8,444,000 after purchasing an additional 4,295 shares in the last quarter. Steward Partners Investment Advisory LLC boosted its stake in shares of Adobe Systems by 69.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,467 shares of the software company’s stock valued at $432,000 after purchasing an additional 1,015 shares in the last quarter. Finally, TRUE Private Wealth Advisors bought a new position in shares of Adobe Systems during the fourth quarter valued at approximately $670,000. Hedge funds and other institutional investors own 87.09% of the company’s stock.

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Adobe Systems Company Profile

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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