Adobe Systems (NASDAQ:ADBE)‘s stock had its “buy” rating reissued by KeyCorp in a report issued on Friday, The Fly reports. They currently have a $286.00 target price on the software company’s stock, up from their prior target price of $276.00. KeyCorp’s target price suggests a potential upside of 4.12% from the stock’s current price.
The analysts wrote, “We are raising estimates and our PT to $286 from $276. Creative and Experience Clouds post strong results as profits rise 58%.””
A number of other equities research analysts also recently issued reports on the stock. BidaskClub downgraded shares of Adobe Systems from a “buy” rating to a “hold” rating in a research note on Saturday, August 18th. Robert W. Baird upped their price target on shares of Adobe Systems from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, May 22nd. Guggenheim initiated coverage on shares of Adobe Systems in a research note on Tuesday, August 7th. They set a “neutral” rating and a $275.00 price target on the stock. JPMorgan Chase & Co. upped their price target on shares of Adobe Systems from $235.00 to $260.00 and gave the company a “neutral” rating in a research note on Friday, June 15th. Finally, Royal Bank of Canada upped their price target on shares of Adobe Systems to $268.00 and gave the company an “outperform” rating in a research note on Monday, June 11th. They noted that the move was a valuation call. Nine analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $258.41.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.69 by $0.04. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. Adobe Systems’s revenue was up 24.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.10 earnings per share. equities research analysts predict that Adobe Systems will post 5.61 EPS for the current year.
Adobe Systems declared that its board has approved a share buyback program on Monday, May 21st that authorizes the company to repurchase $8.00 billion in outstanding shares. This repurchase authorization authorizes the software company to purchase up to 6.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.
In other news, EVP Ann Lewnes sold 2,939 shares of the company’s stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the transaction, the executive vice president now directly owns 61,498 shares in the company, valued at $15,608,192.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the company’s stock in a transaction dated Tuesday, July 24th. The stock was sold at an average price of $260.01, for a total transaction of $2,730,105.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,324 shares of company stock worth $6,511,829. Company insiders own 0.33% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Signature Estate & Investment Advisors LLC bought a new position in Adobe Systems during the 2nd quarter worth about $107,000. Rainier Group Investment Advisory LLC bought a new position in Adobe Systems during the 1st quarter worth about $130,000. Mount Yale Investment Advisors LLC bought a new position in Adobe Systems during the 1st quarter worth about $132,000. Archford Capital Strategies LLC bought a new position in Adobe Systems during the 1st quarter worth about $136,000. Finally, Bruderman Asset Management LLC bought a new position in Adobe Systems during the 1st quarter worth about $149,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.
About Adobe Systems
Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.
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