Morningstar Issues “A+” Credit Rating to Adobe Systems (ADBE)
Adobe Systems (NASDAQ:ADBE) has received an “A+” credit rating from Morningstar. The agency’s “A+” rating indicates that the company is a low default risk. They also issued a positive credit outlook for the company and gave their stock a two star rating.
A number of other firms have also recently commented on ADBE. Analysts at TheStreet upgraded shares of Adobe Systems from a “hold” rating to a “buy” rating in a research note on Monday, June 30th. Separately, analysts at Argus raised their price target on shares of Adobe Systems from $81.00 to $85.00 in a research note on Thursday, June 19th. They now have a “buy” rating on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Adobe Systems to $77.00 in a research note on Wednesday, June 18th. They now have a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $74.19.
Shares of Adobe Systems (NASDAQ:ADBE) traded up 0.74% during mid-day trading on Monday, hitting $71.90. The stock had a trading volume of 1,659,465 shares. Adobe Systems has a 1-year low of $45.70 and a 1-year high of $74.69. The stock’s 50-day moving average is $71.01 and its 200-day moving average is $67.2. The company has a market cap of $35.761 billion and a price-to-earnings ratio of 129.76. Adobe Systems also was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totalling 5,568,903 shares, a growth of 32.1% from the July 31st total of 4,216,377 shares. Based on an average trading volume of 2,413,971 shares, the short-interest ratio is currently 2.3 days. Approximately 1.1% of the company’s shares are short sold.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 17th. The company reported $0.37 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.07. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.03 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 5.7% on a year-over-year basis. Analysts expect that Adobe Systems will post $1.23 EPS for the current fiscal year.
In other Adobe Systems news, SVP Michael A. Dillon unloaded 6,576 shares of the company’s stock in a transaction that occurred on Tuesday, August 26th. The shares were sold at an average price of $71.98, for a total transaction of $473,340.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Adobe Systems Incorporated (NASDAQ:ADBE) is a diversified software company.
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