Adobe Systems (NDAQ:ADBE) Rating Reiterated
In an analyst note sent to investors on Thursday, 19 October, Adobe Systems (NDAQ:ADBE) stock had its “Buy” Rating maintained by equity analysts at Canaccord Genuity. They currently have a $185.00 TP on firm. Canaccord Genuity’s target gives a potential upside of 7.97 % from the company’s previous close.
NDAQ:ADBE is now trading 12.24% higher at $171.73 as of 8:01 AM New York time. Adobe Systems’s stock is 0% over the past 200 days. It has underperformed the S&P500 Index, which has increased 6.00% over the same time period.
Out of 21 brokers covering Adobe Systems, 18 rate it a Buy, 5 indicate a Hold while 0 suggest a Sell. The highest target is $132 and the lowest is $99 according to Thomson/First Call. The 12-month mean target is $111.57, which means downside potential of 35.03% over the current price.
Family Capital Trust Co had the largest stake with ownership of 549,156 shares as of Q2 2015 for 33.76% of the US long stock exposure. Glade Brook Capital Partners Llc is another very bullish investment manager who is owning 482,903 shares of Adobe Systems or 22.03% of their US long stock exposure. Moreover, Crestwood Capital Management L.P. have 10.28% of their US long stock exposure invested in the company for 321,150 shares. The New York-based fund Suvretta Capital Management Llc disclosed it had purchased a stake worth about 7.83% of the investment manager’s stock portfolio in Adobe Systems. The New York-based fund Kemnay Advisory Services Inc. is also positive about the stock, possessing 2.25 million shares or 7.14% of their US long stock exposure.
Adobe Systems (NDAQ:ADBE) 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. It operates through three segments: Digital Media, Digital Marketing, and Print and Publishing.
Adobe Systems (NDAQ:ADBE) traded up 12.24% on 19 October, hitting $171.73. A total of 13.39 million shares of the company’s stock traded hands. This is up from average of 2.89 million shares. Adobe Systems has a 52 week low of $98.00 and a 52 week high of $172.15. The company has a market cap of $84.65 billion and a P/E ratio of 54.03.
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