Adobe Systems Incorporated (ADBE) Stock Rating Lowered by Credit Suisse Group
Adobe Systems Incorporated (NASDAQ:ADBE) was downgraded by stock analysts at Credit Suisse Group to a “hold” rating in a note issued to investors on Sunday. They presently have a $160.00 target price on the software company’s stock. Credit Suisse Group’s target price indicates a potential upside of 3.57% from the stock’s previous close.
Several other equities research analysts also recently issued reports on the stock. Barclays PLC reissued a “buy” rating and set a $167.00 price objective on shares of Adobe Systems in a research report on Friday. Zacks Investment Research downgraded shares of Adobe Systems from a “hold” rating to a “sell” rating in a research report on Thursday. Piper Jaffray Companies reissued a “buy” rating and set a $180.00 price objective on shares of Adobe Systems in a research report on Tuesday, September 12th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $175.00 target price on shares of Adobe Systems in a research report on Tuesday, September 12th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Adobe Systems in a research report on Tuesday, September 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $154.41.
Adobe Systems (NASDAQ:ADBE) traded down 0.30% during trading on Friday, hitting $154.49. 3,012,822 shares of the stock traded hands. The company has a market capitalization of $76.23 billion, a P/E ratio of 53.81 and a beta of 1.00. The company’s 50 day moving average is $151.06 and its 200 day moving average is $139.34. Adobe Systems has a one year low of $98.00 and a one year high of $157.89.
Adobe Systems (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, June 20th. The software company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.07. Adobe Systems had a net margin of 22.11% and a return on equity of 20.06%. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm earned $0.71 earnings per share. The firm’s revenue was up 26.7% compared to the same quarter last year. On average, equities analysts forecast that Adobe Systems will post $4.06 EPS for the current fiscal year.
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In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total value of $304,433.64. Following the transaction, the executive vice president now directly 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 this link. Also, Director Daniel Rosensweig sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, June 28th. The shares were sold at an average price of $143.71, for a total transaction of $1,580,810.00. Following the completion of the transaction, the director now directly owns 8,801 shares in the company, valued at $1,264,791.71. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,959 shares of company stock worth $14,870,874. Insiders own 0.38% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ADBE. BlackRock Inc. increased its holdings in Adobe Systems by 1,894.1% in the 1st quarter. BlackRock Inc. now owns 31,823,942 shares of the software company’s stock valued at $4,141,250,000 after buying an additional 30,228,013 shares during the period. Janus Henderson Group PLC increased its holdings in Adobe Systems by 784.4% in the 2nd quarter. Janus Henderson Group PLC now owns 11,226,707 shares of the software company’s stock valued at $1,587,936,000 after buying an additional 9,957,241 shares during the period. FMR LLC increased its holdings in Adobe Systems by 4.9% in the 2nd quarter. FMR LLC now owns 35,647,268 shares of the software company’s stock valued at $5,041,950,000 after buying an additional 1,651,762 shares during the period. UBS Asset Management Americas Inc. increased its holdings in Adobe Systems by 92.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 3,372,838 shares of the software company’s stock valued at $438,907,000 after buying an additional 1,619,111 shares during the period. Finally, Egerton Capital UK LLP bought a new position in Adobe Systems in the 1st quarter valued at about $209,666,000. 87.53% of the stock is currently owned by hedge funds and other 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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