Adobe Systems Incorporated (ADBE) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Adobe Systems Incorporated (NASDAQ:ADBE) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning.
According to Zacks, “Adobe’s fiscal third quarter earnings exceeded the Zacks Consensus Estimate backed by demand for the company’s Creative Cloud software tools. Year to date, the stock has outperformed the industry it belongs to. We remain optimistic about Adobe’s market position, compelling product lines, continued innovation, solid adoption of Creative Cloud and Adobe marketing cloud. Also, its acquisition of TubeMogul will help the company to build its position in the expanding Digital Marketing space. However, end-market recovery appears slow which remains a matter of concern.”
ADBE has been the topic of a number of other research reports. Citigroup Inc. lifted their price target on shares of Adobe Systems from $163.00 to $177.00 and gave the stock a buy rating in a report on Thursday, October 19th. Credit Suisse Group restated a positive rating and issued a $170.00 target price (up previously from $160.00) on shares of Adobe Systems in a report on Wednesday, September 20th. Robert W. Baird restated a buy rating and issued a $160.00 target price on shares of Adobe Systems in a report on Friday, September 1st. J P Morgan Chase & Co restated a buy rating and issued a $185.00 target price on shares of Adobe Systems in a report on Thursday, October 19th. Finally, Pivotal Research upgraded shares of Adobe Systems from a sell rating to a hold rating and boosted their target price for the company from $118.00 to $160.00 in a report on Wednesday, October 18th. Six equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. Adobe Systems has an average rating of Buy and an average target price of $175.43.
Shares of Adobe Systems (NASDAQ:ADBE) opened at $184.15 on Tuesday. The firm has a market cap of $89,883.23, a P/E ratio of 54.92, a price-to-earnings-growth ratio of 3.10 and a beta of 1.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05. Adobe Systems has a 52-week low of $98.00 and a 52-week high of $185.55.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. The company had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. Adobe Systems’s revenue was up 25.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.75 earnings per share. equities research analysts expect that Adobe Systems will post 3.46 EPS for the current fiscal year.
In related news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the transaction, the executive vice president now owns 56,356 shares of the company’s stock, valued at approximately $8,784,773.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Matthew Thompson sold 2,190 shares of the stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $173.42, for a total transaction of $379,789.80. The disclosure for this sale can be found here. Insiders sold a total of 14,849 shares of company stock worth $2,519,679 in the last three months. Insiders own 0.38% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. 1ST Source Bank boosted its position in Adobe Systems by 0.3% during the 2nd quarter. 1ST Source Bank now owns 1,847 shares of the software company’s stock valued at $261,000 after buying an additional 6 shares during the period. Perigon Wealth Management LLC boosted its position in Adobe Systems by 0.4% during the 1st quarter. Perigon Wealth Management LLC now owns 2,972 shares of the software company’s stock valued at $387,000 after buying an additional 13 shares during the period. Trust Co. of Vermont boosted its position in Adobe Systems by 0.6% during the 2nd quarter. Trust Co. of Vermont now owns 2,628 shares of the software company’s stock valued at $372,000 after buying an additional 16 shares during the period. Bank of Stockton boosted its position in Adobe Systems by 0.4% during the 2nd quarter. Bank of Stockton now owns 5,255 shares of the software company’s stock valued at $743,000 after buying an additional 20 shares during the period. Finally, Brown Advisory Securities LLC boosted its position in Adobe Systems by 0.5% during the 1st quarter. Brown Advisory Securities LLC now owns 4,368 shares of the software company’s stock valued at $569,000 after buying an additional 21 shares during the period. 87.21% 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.
Receive News & Ratings for Adobe Systems Incorporated Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe Systems Incorporated and related companies with Analyst Ratings Network's FREE daily email newsletter.