Adobe Systems Inc. (ADBE) Upgraded to Buy at Zacks Investment Research
Adobe Systems Inc. (NASDAQ:ADBE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $121.00 price target on the software company’s stock. Zacks Investment Research’s price objective points to a potential upside of 12.27% from the company’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.”
Other equities analysts also recently issued reports about the stock. Royal Bank Of Canada increased their price objective on shares of Adobe Systems from $115.00 to $116.00 and gave the company an “outperform” rating in a research note on Wednesday. Cowen and Company increased their price objective on shares of Adobe Systems from $115.00 to $120.00 and gave the company an “outperform” rating in a research note on Wednesday. Pacific Crest increased their price objective on shares of Adobe Systems from $110.00 to $122.00 and gave the company an “overweight” rating in a research note on Wednesday. Goldman Sachs Group Inc. increased their price objective on shares of Adobe Systems from $104.00 to $112.00 and gave the company a “neutral” rating in a research note on Wednesday. Finally, Morgan Stanley increased their price objective on shares of Adobe Systems from $100.00 to $110.00 and gave the company an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $109.96.
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Adobe Systems (NASDAQ:ADBE) opened at 108.10 on Thursday. The company has a market capitalization of $53.87 billion, a PE ratio of 61.07 and a beta of 1.24. The stock’s 50 day moving average price is $100.78 and its 200-day moving average price is $96.58. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $108.50.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.12%. The firm had revenue of $1.46 billion for the quarter. During the same quarter in the prior year, the business posted $0.54 earnings per share. Adobe Systems’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, equities research analysts predict that Adobe Systems will post $2.87 earnings per share for the current fiscal year.
In other Adobe Systems news, CFO Mark Garrett sold 26,899 shares of Adobe Systems stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 4,000 shares of Adobe Systems 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 directly owns 46,828 shares in the company, valued at $4,326,438.92. The disclosure for this sale can be found here. Company insiders own 0.43% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. AO Asset Management LLC increased its stake in Adobe Systems by 42.2% in the first quarter. AO Asset Management LLC now owns 308,600 shares of the software company’s stock worth $28,947,000 after buying an additional 91,600 shares during the period. Ngam Advisors L.P. increased its stake in Adobe Systems by 6.8% in the first quarter. Ngam Advisors L.P. now owns 123,437 shares of the software company’s stock worth $11,578,000 after buying an additional 7,874 shares during the period. Pacad Investment Ltd. bought a new stake in Adobe Systems during the first quarter worth about $6,155,000. Addenda Capital Inc. increased its stake in Adobe Systems by 0.3% in the first quarter. Addenda Capital Inc. now owns 44,529 shares of the software company’s stock worth $4,177,000 after buying an additional 131 shares during the period. Finally, Torray LLC increased its stake in Adobe Systems by 54.9% in the first quarter. Torray LLC now owns 536,216 shares of the software company’s stock worth $50,297,000 after buying an additional 190,121 shares during the period. 87.53% of the stock is currently owned by institutional investors.
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.
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