Adobe Systems’ (ADBE) Buy Rating Reiterated at KeyCorp

KeyCorp restated their buy rating on shares of Adobe Systems Incorporated (NASDAQ:ADBE) in a report published on Sunday morning.

“We are raising our estimates and our price target to $174 from $142 on robust demand fundamentals and higher margins.”,” KeyCorp’s analyst wrote.

A number of other research analysts have also issued reports on ADBE. Robert W. Baird initiated coverage on shares of Adobe Systems in a research report on Tuesday, February 28th. They set an outperform rating and a $130.00 target price on the stock. Vetr upgraded shares of Adobe Systems from a hold rating to a buy rating and set a $125.31 target price on the stock in a research report on Tuesday, February 28th. Zacks Investment Research lowered shares of Adobe Systems from a hold rating to a sell rating in a research report on Wednesday, March 1st. Cowen and Company set a $140.00 target price on shares of Adobe Systems and gave the stock a buy rating in a research report on Saturday, March 11th. Finally, Goldman Sachs Group, Inc. (The) restated a neutral rating and set a $121.00 target price (up previously from $114.00) on shares of Adobe Systems in a research report on Saturday, March 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, twenty-six have assigned a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $154.01.

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

Adobe Systems (NASDAQ:ADBE) opened at 145.41 on Friday. Adobe Systems has a 52 week low of $90.35 and a 52 week high of $145.59. The firm’s 50-day moving average is $138.74 and its 200-day moving average is $123.07. The company has a market cap of $71.93 billion, a PE ratio of 55.52 and a beta of 0.98.

Adobe Systems (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The firm had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business posted $0.71 EPS. The business’s revenue was up 26.7% compared to the same quarter last year. On average, analysts expect that Adobe Systems will post $4.06 EPS for the current fiscal year.

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In other news, EVP Bryan Lamkin sold 20,000 shares of Adobe Systems stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $130.30, for a total transaction of $2,606,000.00. Following the completion of the transaction, the executive vice president now directly owns 52,083 shares in the company, valued at $6,786,414.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John E. Warnock sold 32,600 shares of Adobe Systems stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $144.07, for a total transaction of $4,696,682.00. Following the transaction, the director now owns 16,088 shares of the company’s stock, valued at $2,317,798.16. The disclosure for this sale can be found here. Insiders have sold 59,299 shares of company stock valued at $8,207,293 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Clean Yield Group acquired a new position in shares of Adobe Systems during the first quarter worth about $100,000. Washington Trust Bank raised its position in Adobe Systems by 13.8% in the first quarter. Washington Trust Bank now owns 840 shares of the software company’s stock worth $109,000 after buying an additional 102 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in Adobe Systems during the first quarter worth $113,000. Mitsubishi UFJ Securities Holdings Co. Ltd. raised its position in Adobe Systems by 86.2% in the first quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 1,080 shares of the software company’s stock worth $141,000 after buying an additional 500 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its position in Adobe Systems by 25.0% in the first quarter. Proficio Capital Partners LLC now owns 1,220 shares of the software company’s stock worth $172,000 after buying an additional 244 shares during the last quarter. Hedge funds and other institutional investors own 87.93% of the company’s stock.

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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