Adobe Systems Incorporated (ADBE) Downgraded by Vetr Inc.

Adobe Systems Incorporated (ADBE) Downgraded by Vetr Inc.

Vetr cut shares of Adobe Systems Incorporated (NASDAQ:ADBE) from a buy rating to a hold rating in a research note published on Tuesday morning. The firm currently has $117.99 target price on the software company’s stock.

Several other research firms have also issued reports on ADBE. Pivotal Research reiterated a hold rating and issued a $104.00 target price (down previously from $136.00) on shares of Adobe Systems in a research note on Thursday, January 12th. Pacific Crest reiterated an overweight rating on shares of Adobe Systems in a research note on Saturday, January 7th. Goldman Sachs Group, Inc. (The) reiterated a neutral rating and issued a $114.00 target price (up previously from $113.00) on shares of Adobe Systems in a research note on Tuesday, January 10th. Wunderlich reiterated a hold rating and issued a $115.00 target price on shares of Adobe Systems in a research note on Tuesday, January 10th. Finally, Wells Fargo & Company began coverage on Adobe Systems in a research note on Wednesday, January 11th. They issued a market perform rating on the stock. Ten research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $115.65.

Adobe Systems (NASDAQ:ADBE) opened at 112.88 on Tuesday. The stock has a 50 day moving average of $106.65 and a 200 day moving average of $104.02. The company has a market cap of $55.77 billion, a PE ratio of 48.66 and a beta of 1.07. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $114.57.

Adobe Systems (NASDAQ:ADBE) last posted its earnings results on Thursday, December 15th. The software company reported $0.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.86 by $0.04. Adobe Systems had a return on equity of 17.23% and a net margin of 19.96%. The company had revenue of $1.61 billion for the quarter. During the same quarter last year, the firm earned $0.62 EPS. Adobe Systems’s revenue for the quarter was up 23.1% on a year-over-year basis. Equities research analysts predict that Adobe Systems will post $3.82 EPS for the current fiscal year.

In other news, VP Richard Rowley sold 1,348 shares of the company’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $108.13, for a total transaction of $145,759.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Charles M. Geschke sold 48,100 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $104.03, for a total value of $5,003,843.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 322,251 shares of company stock valued at $35,969,883. Corporate insiders own 0.43% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smithfield Trust Co. increased its position in Adobe Systems by 465.6% in the third quarter. Smithfield Trust Co. now owns 1,018 shares of the software company’s stock valued at $110,000 after buying an additional 838 shares in the last quarter. TCI Wealth Advisors Inc. increased its position in Adobe Systems by 11.1% in the third quarter. TCI Wealth Advisors Inc. now owns 1,104 shares of the software company’s stock valued at $120,000 after buying an additional 110 shares in the last quarter. Clean Yield Group increased its position in Adobe Systems by 32.9% in the third quarter. Clean Yield Group now owns 1,130 shares of the software company’s stock valued at $123,000 after buying an additional 280 shares in the last quarter. WFG Advisors LP increased its position in Adobe Systems by 27.3% in the second quarter. WFG Advisors LP now owns 1,147 shares of the software company’s stock valued at $110,000 after buying an additional 246 shares in the last quarter. Finally, Kernodle & Katon Asset Management Group LLC increased its position in Adobe Systems by 69.8% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,204 shares of the software company’s stock valued at $131,000 after buying an additional 495 shares in the last quarter. 87.33% of the stock is owned by institutional investors and hedge funds.

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.

To view Vetr’s full report, visit Vetr’s official website.

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