Adobe Systems Inc. (NASDAQ:ADBE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $121.00 target price on the software company’s stock. Zacks Investment Research’s price target indicates a potential upside of 12.27% from the stock’s previous close.

According to Zacks, “Adobe’s third quarter earnings exceeded the Zacks Consensus Estimate backed by strong adoption of creative cloud and Marketing Cloud tools. Also, management gave an encouraging guidance for the upcoming quarter. We remain optimistic about Adobe’s market position, compelling product lines, continued innovation, solid adoption of Creative Cloud and Adobe marketing cloud and strong balance sheet.  Also, its acquisition of Livefyre will give advertisers and publishers more abilities to produce personalized campaigns, expanding Adobe offerings. However, end-market recovery appears slow which remains a matter of concern.”

Several other equities analysts have also recently issued reports on ADBE. Credit Suisse Group AG boosted their price objective on Adobe Systems from $65.00 to $70.00 and gave the company a “neutral” rating in a report on Wednesday, June 1st. Goldman Sachs Group Inc. restated a “neutral” rating and issued a $105.00 price target (up previously from $100.00) on shares of Adobe Systems in a research note on Wednesday, June 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $104.00 price target on shares of Adobe Systems in a research note on Wednesday, June 22nd. Piper Jaffray Cos. assumed coverage on Adobe Systems in a research note on Monday, July 25th. They issued an “overweight” rating and a $125.00 price target for the company. Finally, Rosenblatt Securities restated a “buy” rating and issued a $112.00 price target on shares of Adobe Systems in a research note on Monday, June 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have assigned a buy rating to the company. Adobe Systems has a consensus rating of “Buy” and a consensus price target of $109.96.

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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Adobe Systems (NASDAQ:ADBE) opened at 107.78 on Thursday. The company has a market capitalization of $53.71 billion, a price-to-earnings ratio of 60.89 and a beta of 1.24. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $108.22. The company’s 50-day moving average price is $100.78 and its 200-day moving average price is $96.58.

Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. The business earned $1.46 billion during the quarter. Adobe Systems had a return on equity of 15.12% and a net margin of 17.86%. The business’s quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. Equities analysts forecast that Adobe Systems will post $2.87 earnings per share for the current fiscal year.

In other Adobe Systems news, CMO Ann Lewnes sold 4,000 shares of the firm’s stock in a transaction dated Friday, June 24th. The stock was sold at an average price of $92.39, for a total transaction of $369,560.00. Following the transaction, the chief marketing officer now owns 46,828 shares of the company’s stock, valued at $4,326,438.92. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Richard Rowley sold 271 shares of the firm’s stock in a transaction dated Friday, July 1st. The stock was sold at an average price of $95.68, for a total value of $25,929.28. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.

Several institutional investors have recently modified their holdings of the company. AO Asset Management LLC raised its position in shares of Adobe Systems by 42.2% in the first quarter. AO Asset Management LLC now owns 308,600 shares of the software company’s stock valued at $28,947,000 after buying an additional 91,600 shares during the last quarter. Ngam Advisors L.P. increased its stake in shares of Adobe Systems by 6.8% in the first quarter. Ngam Advisors L.P. now owns 123,437 shares of the software company’s stock valued at $11,578,000 after buying an additional 7,874 shares during the period. Pacad Investment Ltd. acquired a new stake in shares of Adobe Systems during the first quarter valued at $6,155,000. Addenda Capital Inc. increased its stake in shares of Adobe Systems by 0.3% in the first quarter. Addenda Capital Inc. now owns 44,529 shares of the software company’s stock valued at $4,177,000 after buying an additional 131 shares during the period. Finally, Torray LLC increased its stake in shares of Adobe Systems by 54.9% in the first quarter. Torray LLC now owns 536,216 shares of the software company’s stock valued at $50,297,000 after buying an additional 190,121 shares during the period. 87.53% of the stock is currently owned by institutional investors.

About Adobe Systems

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.

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