Adobe Systems (ADBE) Price Target Raised to $254.00 at Pivotal Research

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Adobe Systems (NASDAQ:ADBE) had its price target boosted by analysts at Pivotal Research from $235.00 to $254.00 in a research note issued to investors on Friday, Marketbeat.com reports. The brokerage presently has a “hold” rating on the software company’s stock. Pivotal Research’s price target indicates a potential downside of 7.53% from the company’s current price.

A number of other brokerages have also recently issued reports on ADBE. Wells Fargo & Co lifted their target price on shares of Adobe Systems from $200.00 to $250.00 and gave the stock a “market perform” rating in a research report on Friday, June 15th. Royal Bank of Canada lifted their price target on shares of Adobe Systems to $268.00 and gave the stock an “outperform” rating in a report on Monday, June 11th. They noted that the move was a valuation call. Robert W. Baird lifted their price target on shares of Adobe Systems from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Zacks Investment Research upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating and set a $286.00 price target for the company in a report on Tuesday, June 19th. Finally, BMO Capital Markets lifted their price target on shares of Adobe Systems from $260.00 to $278.00 and gave the stock an “outperform” rating in a report on Friday, June 15th. Nine equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $258.41.

Shares of ADBE opened at $274.69 on Friday. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.22. The stock has a market cap of $131.13 billion, a price-to-earnings ratio of 58.09, a price-to-earnings-growth ratio of 2.91 and a beta of 1.11. Adobe Systems has a 12-month low of $143.95 and a 12-month high of $277.61.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Thursday, September 13th. The software company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.69 by $0.04. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Adobe Systems had a net margin of 26.68% and a return on equity of 27.08%. The firm’s quarterly revenue was up 24.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.10 earnings per share. research analysts anticipate that Adobe Systems will post 5.61 earnings per share for the current year.

Adobe Systems announced that its board has initiated a share repurchase plan on Monday, May 21st that authorizes the company to repurchase $8.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 6.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

In related news, EVP Ann Lewnes sold 2,939 shares of the business’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $253.80, for a total value of $745,918.20. Following the completion of the sale, 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 legal filing with the SEC, which is available through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 24th. The shares were 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 valued at $6,511,829. 0.33% of the stock is owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Signature Estate & Investment Advisors LLC purchased a new stake in Adobe Systems during the second quarter worth approximately $107,000. Rainier Group Investment Advisory LLC purchased a new stake in Adobe Systems during the first quarter worth approximately $130,000. Mount Yale Investment Advisors LLC purchased a new stake in Adobe Systems during the first quarter worth approximately $132,000. Bruderman Asset Management LLC purchased a new stake in Adobe Systems during the first quarter worth approximately $149,000. Finally, Centaurus Financial Inc. purchased a new stake in Adobe Systems during the second quarter worth approximately $170,000. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Adobe Systems Company Profile

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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