Adobe Systems Inc. (ADBE) Downgraded by Zacks Investment Research to Hold
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.”
ADBE has been the subject of a number of other reports. Vetr raised Adobe Systems from a sell rating to a hold rating and set a $92.54 target price for the company in a research note on Thursday, August 25th. Cowen and Company reaffirmed an outperform rating and issued a $120.00 target price on shares of Adobe Systems in a research note on Tuesday, September 27th. Stephens started coverage on Adobe Systems in a research note on Wednesday, August 10th. They issued an overweight rating and a $125.00 target price for the company. Argus raised their target price on Adobe Systems from $110.00 to $127.00 and gave the stock a buy rating in a research note on Friday, September 23rd. Finally, Credit Suisse Group AG reaffirmed a neutral rating and issued a $105.00 target price on shares of Adobe Systems in a research note on Wednesday, September 21st. Eight investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. Adobe Systems presently has a consensus rating of Buy and an average target price of $112.87.
Adobe Systems (NASDAQ:ADBE) traded down 0.81% during mid-day trading on Tuesday, hitting $104.36. The company had a trading volume of 433,145 shares. Adobe Systems has a 52-week low of $71.27 and a 52-week high of $111.09. The company has a market capitalization of $51.89 billion, a P/E ratio of 53.24 and a beta of 1.14. The company has a 50-day moving average price of $107.16 and a 200 day moving average price of $101.24.
Adobe Systems (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.03. Adobe Systems had a return on equity of 15.03% and a net margin of 17.86%. The firm earned $1.46 billion during the quarter. During the same period in the prior year, the company posted $0.54 earnings per share. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts forecast that Adobe Systems will post $2.98 EPS for the current fiscal year.
In related news, EVP Michael A. Dillon sold 5,450 shares of the stock in a transaction dated Monday, August 29th. The stock was sold at an average price of $101.85, for a total value of $555,082.50. Following the completion of the transaction, the executive vice president now owns 44,324 shares of the company’s stock, valued at $4,514,399.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Michael A. Dillon sold 13,331 shares of the stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $109.64, for a total value of $1,461,610.84. Following the completion of the transaction, the executive vice president now directly owns 30,993 shares of the company’s stock, valued at approximately $3,398,072.52. The disclosure for this sale can be found here. 0.43% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Brown Advisory Inc. increased its position in Adobe Systems by 16,033.1% in the second quarter. Brown Advisory Inc. now owns 3,828,878 shares of the software company’s stock worth $366,768,000 after buying an additional 3,805,145 shares in the last quarter. FMR LLC increased its position in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock worth $3,481,242,000 after buying an additional 2,249,163 shares in the last quarter. Janus Capital Management LLC increased its position in Adobe Systems by 19.9% in the second quarter. Janus Capital Management LLC now owns 13,353,901 shares of the software company’s stock worth $1,279,159,000 after buying an additional 2,215,100 shares in the last quarter. Vanguard Group Inc. increased its position in Adobe Systems by 4.5% in the second quarter. Vanguard Group Inc. now owns 30,836,091 shares of the software company’s stock worth $2,953,789,000 after buying an additional 1,325,228 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in Adobe Systems during the second quarter worth approximately $115,522,000. 88.01% of the stock is currently owned by institutional investors.
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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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