Adobe Systems (NASDAQ:ADBE) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Adobe Systems (NASDAQ:ADBE) from a strong-buy rating to a hold rating in a report published on Tuesday, November 21st.

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.”

ADBE has been the topic of a number of other research reports. Vetr lowered 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. Robert W. Baird set a $160.00 price target on Adobe Systems and gave the company a buy rating in a research report on Friday, October 6th. Royal Bank Of Canada reiterated a buy rating and issued a $157.00 price target on shares of Adobe Systems in a research report on Monday, July 31st. Bank of America upped their target price on Adobe Systems from $108.00 to $120.00 and gave the company a neutral rating in a research report on Friday, August 25th. Finally, UBS started coverage on Adobe Systems in a research report on Thursday, November 9th. They set a buy rating and a $217.00 target price on the stock. Five research analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the stock. Adobe Systems has an average rating of Buy and an average target price of $176.50.

Shares of Adobe Systems (ADBE) traded up $5.98 during midday trading on Tuesday, reaching $173.52. The company’s stock had a trading volume of 3,766,487 shares, compared to its average volume of 2,436,668. 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 52-week low of $100.89 and a 52-week high of $186.27. The firm has a market cap of $83,031.32, a PE ratio of 50.74, a PEG ratio of 2.13 and a beta of 1.05.

Adobe Systems (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 19th. The software company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.09. Adobe Systems had a return on equity of 21.40% and a net margin of 23.06%. The business had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.82 billion. During the same quarter in the prior year, the firm earned $0.75 EPS. The business’s revenue for the quarter was up 25.8% compared to the same quarter last year. equities research analysts expect that Adobe Systems will post 3.46 earnings per share for the current fiscal year.

In other news, EVP Ann Lewnes sold 1,953 shares of the firm’s stock in a transaction on Wednesday, October 11th. The stock was sold at an average price of $152.09, for a total value of $297,031.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 6,800 shares of the firm’s stock in a transaction on Friday, October 20th. The stock was sold at an average price of $174.20, for a total value of $1,184,560.00. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at $2,802,529.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,849 shares of company stock valued at $2,519,679. 0.38% of the stock is owned by corporate insiders.

Several institutional investors have recently bought and sold shares of ADBE. Capital Advisors Ltd. LLC bought a new stake in Adobe Systems during the second quarter valued at $100,000. Parkside Financial Bank & Trust raised its position in Adobe Systems by 170.3% during the third quarter. Parkside Financial Bank & Trust now owns 900 shares of the software company’s stock valued at $135,000 after purchasing an additional 567 shares in the last quarter. BB&T Investment Services Inc. raised its position in Adobe Systems by 42.4% during the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock valued at $138,000 after purchasing an additional 275 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. purchased a new stake in Adobe Systems during the second quarter valued at about $141,000. Finally, Acrospire Investment Management LLC raised its position in Adobe Systems by 100.0% during the second quarter. Acrospire Investment Management LLC now owns 1,000 shares of the software company’s stock valued at $141,000 after purchasing an additional 500 shares in the last quarter. 87.45% of the stock is owned by hedge funds and other institutional investors.

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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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