Adobe Systems (NASDAQ:ADBE) had its price target raised by BMO Capital Markets from $278.00 to $295.00 in a research note released on Friday, Marketbeat.com reports. They currently have an outperform rating on the software company’s stock.

Other research analysts also recently issued reports about the company. Bank of America boosted their price target on Adobe Systems from $278.00 to $292.00 in a report on Friday, June 15th. BidaskClub downgraded Adobe Systems from a strong-buy rating to a buy rating in a report on Tuesday, July 31st. Zacks Investment Research upgraded 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. Robert W. Baird boosted their price target on Adobe Systems from $240.00 to $260.00 and gave the company a buy rating in a report on Tuesday, May 22nd. Finally, Stifel Nicolaus boosted their price target on Adobe Systems from $250.00 to $275.00 and gave the company a buy rating in a report on Friday, June 15th. Nine analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. Adobe Systems presently has a consensus rating of Buy and an average target price of $261.38.

Shares of ADBE opened at $268.25 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 2.08 and a quick ratio of 2.08. The firm has a market capitalization of $131.13 billion, a price-to-earnings ratio of 74.72, a price-to-earnings-growth ratio of 2.91 and a beta of 1.11. Adobe Systems has a fifty-two week low of $143.95 and a fifty-two week high of $277.61.

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

Adobe Systems announced that its Board of Directors has authorized a share repurchase program on Monday, May 21st that allows the company to buyback $8.00 billion in shares. This buyback authorization allows the software company to repurchase up to 6.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

In related news, EVP Ann Lewnes sold 2,940 shares of the company’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $257.86, for a total transaction of $758,108.40. Following the completion of the sale, the executive vice president now directly owns 64,437 shares of the company’s stock, valued at approximately $16,615,724.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Abhay Parasnis sold 10,500 shares of the company’s stock in a transaction on 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 ninety days, insiders have sold 19,324 shares of company stock valued at $4,980,689. 0.33% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in ADBE. Edgewood Management LLC purchased a new stake in Adobe Systems during the 2nd quarter worth $565,496,000. Morgan Stanley lifted its holdings in Adobe Systems by 79.1% in the 2nd quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after buying an additional 1,515,736 shares in the last quarter. BlackRock Inc. lifted its holdings in Adobe Systems by 3.6% in the 1st quarter. BlackRock Inc. now owns 33,861,002 shares of the software company’s stock worth $7,316,684,000 after buying an additional 1,185,325 shares in the last quarter. PointState Capital LP lifted its holdings in Adobe Systems by 2,178.0% in the 1st quarter. PointState Capital LP now owns 1,100,014 shares of the software company’s stock worth $237,691,000 after buying an additional 1,051,726 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in Adobe Systems by 29,729.8% in the 1st quarter. Summit Trail Advisors LLC now owns 513,072 shares of the software company’s stock worth $513,000 after buying an additional 511,352 shares in the last quarter. 84.85% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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