Adobe Systems Incorporated (ADBE) Forms Wedge Up; Strong Momentum for Buyers Coming

September 16, 2018 - By Joseph Norton

Adobe Systems Incorporated (NASDAQ:ADBE) Logo

Investors sentiment increased to 0.97 in 2018 Q2. Its up 0.07, from 0.9 in 2018Q1. It is positive, as 40 investors sold Adobe Systems Incorporated shares while 411 reduced holdings. 119 funds opened positions while 320 raised stakes. 398.19 million shares or 1.84% less from 405.65 million shares in 2018Q1 were reported.
Bank Pictet & Cie (Asia) holds 5,524 shares. California State Teachers Retirement System owns 836,982 shares or 0.42% of their US portfolio. Nuveen Asset Mngmt Ltd Company invested in 0.07% or 44,671 shares. Hsbc Hldgs Public Limited Company reported 898,174 shares. Moreover, Jennison Associate Lc has 2.21% invested in Adobe Systems Incorporated (NASDAQ:ADBE) for 9.30 million shares. Voya Invest Ltd Limited Liability Company reported 908,725 shares. State Of Tennessee Treasury Department holds 0.45% of its portfolio in Adobe Systems Incorporated (NASDAQ:ADBE) for 363,678 shares. 1832 Asset Mgmt L P holds 59,358 shares or 0.05% of its portfolio. Institute For Wealth Limited Liability Co invested in 24,719 shares. Kemnay Advisory Svcs owns 4.04% invested in Adobe Systems Incorporated (NASDAQ:ADBE) for 52,612 shares. Arrow Fincl invested in 4,453 shares or 0.24% of the stock. Stevens Cap Ltd Partnership holds 13,573 shares or 0.12% of its portfolio. Bartlett And Limited Company holds 0% or 500 shares in its portfolio. Brave Asset invested in 3,033 shares. Hudson Valley Advsr Incorporated Adv holds 1.98% or 33,095 shares.

Since March 19, 2018, it had 0 insider buys, and 12 selling transactions for $19.77 million activity. The insider WARNOCK JOHN E sold 3,000 shares worth $671,316. Lewnes Ann had sold 2,940 shares worth $758,108 on Wednesday, July 18. $3.94M worth of stock was sold by Rencher Bradley on Wednesday, July 25. Shares for $2.73 million were sold by Parasnis Abhay.

The stock of Adobe Systems Incorporated (ADBE) formed an up wedge with $285.68 target or 4.00 % above today’s $274.69 share price. The 5 months wedge indicates low risk for the $134.51B company. If the $285.68 price target is reached, the company will be worth $5.38 billion more.
Rising wedges, especially for downward breakouts are tricky moments to trade. Investors must be aware that the break even failure rate for up or down breakouts is: 8% and 24%. The average rise is 28% and the decline is 14%. Wedges has high throwback and pullback rate: 73%, 63% and the percent of wedges meeting target is not more than 50%.

The stock increased 2.30% or $6.17 during the last trading session, reaching $274.69. About 6.18M shares traded or 123.80% up from the average. Adobe Systems Incorporated (NASDAQ:ADBE) has risen 71.32% since September 16, 2017 and is uptrending. It has outperformed by 55.70% the S&P500.

Analysts await Adobe Systems Incorporated (NASDAQ:ADBE) to report earnings on September, 18. They expect $1.39 EPS, up 54.44 % or $0.49 from last year’s $0.9 per share. ADBE’s profit will be $680.63M for 49.40 P/E if the $1.39 EPS becomes a reality. After $1.38 actual EPS reported by Adobe Systems Incorporated for the previous quarter, Wall Street now forecasts 0.72 % EPS growth.

Adobe Systems Incorporated (NASDAQ:ADBE) Ratings Coverage

Among 15 analysts covering Adobe Systems (NASDAQ:ADBE), 11 have Buy rating, 0 Sell and 4 Hold. Therefore 73% are positive. Adobe Systems had 18 analyst reports since March 20, 2018 according to SRatingsIntel. The firm earned “Buy” rating on Tuesday, May 22 by Robert W. Baird. Stifel Nicolaus maintained the shares of ADBE in report on Friday, June 15 with “Buy” rating. The firm earned “Neutral” rating on Friday, June 15 by JP Morgan. Rosenblatt maintained the stock with “Buy” rating in Friday, June 15 report. The rating was maintained by Barclays Capital with “Overweight” on Tuesday, June 12. Guggenheim maintained Adobe Systems Incorporated (NASDAQ:ADBE) on Wednesday, August 8 with “Neutral” rating. Citigroup maintained Adobe Systems Incorporated (NASDAQ:ADBE) rating on Friday, September 14. Citigroup has “Buy” rating and $309 target. The rating was maintained by Credit Suisse with “Outperform” on Friday, September 14. The stock of Adobe Systems Incorporated (NASDAQ:ADBE) has “Hold” rating given on Monday, March 26 by JMP Securities. BMO Capital Markets maintained Adobe Systems Incorporated (NASDAQ:ADBE) rating on Friday, September 14. BMO Capital Markets has “Outperform” rating and $295 target.

More notable recent Adobe Systems Incorporated (NASDAQ:ADBE) news were published by: Seekingalpha.com which released: “Adobe Systems Incorporated (ADBE) Management Presents at Citi Global Tech Conference (Transcript)” on September 05, 2018, also Seekingalpha.com with their article: “Adobe: An Unstoppable Force” published on September 15, 2018, 247Wallst.com published: “Adobe, Kroger and More Earnings Coming This Week” on September 09, 2018. More interesting news about Adobe Systems Incorporated (NASDAQ:ADBE) were released by: Seekingalpha.com and their article: “Adobe: The Best In This Space” published on August 29, 2018 as well as Nasdaq.com‘s news article titled: “Adobe Systems (ADBE) Gains But Lags Market: What You Should Know” with publication date: August 28, 2018.

Adobe Systems Incorporated operates as a diversified software firm worldwide. The company has market cap of $134.51 billion. The Company’s 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. It has a 63.31 P/E ratio. This segment??s flagship product is Creative Cloud, a subscription service that allows clients to download and install the latest versions of its creative products.

Adobe Systems Incorporated (NASDAQ:ADBE) Ratings Chart

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