Zacks Investment Research Downgrades Adobe Systems Incorporated (ADBE) to Hold
Adobe Systems Incorporated (NASDAQ:ADBE) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Adobe’s fiscal third quarter earnings exceeded the Zacks Consensus Estimate backed by demand for the company’s Creative Cloud software tools. Year to date, the stock has outperformed the industry it belongs to. We remain optimistic about Adobe’s market position, compelling product lines, continued innovation, solid adoption of Creative Cloud and Adobe marketing cloud. Also, its acquisition of TubeMogul will help the company to build its position in the expanding Digital Marketing space. However, end-market recovery appears slow which remains a matter of concern.”
Several other research firms have also issued reports on ADBE. Royal Bank Of Canada reissued a “buy” rating and issued a $157.00 price target on shares of Adobe Systems in a research report on Monday, July 31st. BidaskClub raised shares of Adobe Systems from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, August 16th. Jefferies Group LLC started coverage on shares of Adobe Systems in a research report on Thursday, August 24th. They issued a “buy” rating and a $175.00 price target on the stock. Bank of America Corporation boosted their price target on shares of Adobe Systems from $108.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 25th. Finally, Vetr lowered shares of Adobe Systems from a “hold” rating to a “sell” rating and set a $150.30 price target on the stock. in a research report on Thursday, August 31st. Six research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $175.43.
Shares of Adobe Systems (NASDAQ:ADBE) opened at $182.90 on Tuesday. The company has a market cap of $90,775.45, a PE ratio of 55.47, a price-to-earnings-growth ratio of 3.13 and a beta of 1.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.05 and a quick ratio of 2.05. Adobe Systems has a 12-month low of $98.00 and a 12-month high of $185.55.
Adobe Systems (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.01 by $0.09. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The company’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. equities analysts forecast that Adobe Systems will post 3.46 EPS for the current year.
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In related news, EVP Matthew Thompson sold 2,190 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $173.42, for a total transaction of $379,789.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Ann Lewnes sold 1,953 shares of the company’s stock in a transaction on Wednesday, November 8th. The shares were sold at an average price of $181.19, for a total transaction of $353,864.07. Following the sale, the executive vice president now owns 52,450 shares of the company’s stock, valued at $9,503,415.50. The disclosure for this sale can be found here. Insiders have sold a total of 14,849 shares of company stock valued at $2,519,679 over the last quarter. 0.38% of the stock is currently owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Steward Partners Investment Advisory LLC bought a new stake in Adobe Systems during the 3rd quarter valued at $216,000. GSA Capital Partners LLP bought a new stake in Adobe Systems during the 3rd quarter valued at $2,890,000. Cypress Capital Group raised its holdings in Adobe Systems by 26.6% during the 3rd quarter. Cypress Capital Group now owns 10,907 shares of the software company’s stock valued at $1,627,000 after buying an additional 2,290 shares during the last quarter. Fieldpoint Private Securities LLC raised its holdings in Adobe Systems by 24.0% during the 3rd quarter. Fieldpoint Private Securities LLC now owns 8,007 shares of the software company’s stock valued at $1,194,000 after buying an additional 1,552 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC bought a new stake in Adobe Systems during the 3rd quarter valued at $799,000. Institutional investors own 87.21% of the company’s stock.
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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