Published On: Fri, Sep 23rd, 2016

Adobe Systems’ (ADBE) “Market Perform” Rating Reaffirmed at Oppenheimer Holdings Inc.

Adobe Systems Inc. (NASDAQ:ADBE)‘s stock had its “market perform” rating restated by equities researchers at Oppenheimer Holdings Inc. in a report issued on Friday.
A number of other equities research analysts have also recently commented on the company. Dougherty & Co reiterated a “buy” rating and set a $122.00 target price on shares of Adobe Systems in a report on Friday. Argus increased their price target on Adobe Systems from $110.00 to $127.00 and gave the stock a “buy” rating in a research note on Friday. RBC Capital Markets reissued an “outperform” rating and set a $116.00 price target (up previously from $115.00) on shares of Adobe Systems in a research note on Thursday. Zacks Investment Research raised Adobe Systems from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research note on Thursday. Finally, Vetr lowered Adobe Systems from a “hold” rating to a “sell” rating and set a $102.96 price target on the stock. in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. Adobe Systems currently has a consensus rating of “Buy” and an average target price of $110.73.
Adobe Systems (NASDAQ:ADBE) traded down 0.19% on Friday, reaching $107.72. The company had a trading volume of 1,904,773 shares. The stock has a market capitalization of $53.71 billion, a P/E ratio of 54.96 and a beta of 1.24. The firm has a 50-day moving average of $101.10 and a 200-day moving average of $96.66. Adobe Systems has a 12 month low of $71.27 and a 12 month high of $108.50.

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Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.03. The firm had revenue of $1.46 billion for the quarter. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. Adobe Systems’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS. On average, equities research analysts expect that Adobe Systems will post $2.96 earnings per share for the current fiscal year.
In related news, EVP Bradley Rencher sold 37,562 shares of Adobe Systems stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.46, for a total value of $3,585,668.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Richard Rowley sold 271 shares of Adobe Systems stock in a transaction on Friday, July 1st. The shares were sold at an average price of $95.68, for a total transaction of $25,929.28. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. KSA Capital Management acquired a new stake in Adobe Systems during the third quarter valued at about $1,644,000. MUFG Americas raised its position in Adobe Systems by 15.1% in the third quarter. MUFG Americas now owns 45,888 shares of the software company’s stock worth $3,772,000 after buying an additional 6,021 shares in the last quarter. Janus Capital Management raised its position in Adobe Systems by 97.3% in the third quarter. Janus Capital Management now owns 4,610,525 shares of the software company’s stock worth $379,084,000 after buying an additional 2,274,048 shares in the last quarter. Beacon Capital Management purchased a new position in Adobe Systems during the fourth quarter worth $0. Finally, Reynolds Capital Management raised its position in Adobe Systems by 6.7% in the fourth quarter. Reynolds Capital Management now owns 4,800 shares of the software company’s stock worth $451,000 after buying an additional 300 shares in the last quarter. 87.53% of the stock is owned by institutional investors and hedge funds.
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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