Adobe Systems Given Neutral Rating at Zacks (ADBE)
Adobe Systems (NASDAQ:ADBE)‘s stock had its “neutral” rating reiterated by Zacks in a report issued on Tuesday. They currently have a $70.00 price target on the stock. Zacks‘s price target indicates a potential upside of 4.59% from the stock’s previous close.
Zacks’ analyst wrote, “Adobe’s first quarter earnings exceeded the Zacks Consensus Estimate on strong adoption of the Creative Cloud. Additionally, management provided encouraging first quarter revenue guidance. We remain optimistic about Adobe s market position, compelling product lines, continued innovation, acquisitions and its strong balance sheet. However, the transition to the subscription model will hurt Adobe’s revenue growth in the short term. Also, end-market recovery appears slow which remain a matter of concern. We are therefore, reiterating our Neutral rating.”
Adobe Systems (NASDAQ:ADBE) traded down 0.18% on Tuesday, hitting $66.81. 734,937 shares of the company’s stock traded hands. Adobe Systems has a 1-year low of $42.39 and a 1-year high of $71.11. The stock has a 50-day moving average of $62.67 and a 200-day moving average of $62.27. The company has a market cap of $33.253 billion and a price-to-earnings ratio of 128.71.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, March 18th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.05. The company had revenue of $1,000.00 million for the quarter, compared to the consensus estimate of $973.09 million. During the same quarter in the previous year, the company posted $0.35 earnings per share. The company’s revenue for the quarter was down .8% on a year-over-year basis. Analysts expect that Adobe Systems will post $1.17 EPS for the current fiscal year.
A number of other analysts have also recently weighed in on ADBE. Analysts at Argus raised their price target on shares of Adobe Systems from $71.00 to $81.00 in a research note on Friday, March 21st. They now have a “buy” rating on the stock. Separately, analysts at Pacific Crest reiterated an “outperform” rating on shares of Adobe Systems in a research note on Wednesday, March 19th. Finally, analysts at Credit Suisse raised their price target on shares of Adobe Systems from $55.00 to $60.00 in a research note on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $68.11.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
To view Zacks’ full report, visit Zacks’ official website.
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