Adobe Systems (NASDAQ:ADBE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Adobe reported strong fiiscal first-quarter results driven by strong demand for the company’s innovative solutions and growing subscriptions for its cloud application. It has outperformed the industry it belongs to in the last one year. Adobe has been making great efforts toward establishing its presence in cloud-related software areas such as documents and marketing. Adobe Experience Manager, which enables brands to offer a personalized experience, is also witnessing robust growth. We remain optimistic about Adobe’s market position, compelling product lines, continued innovation, solid adoption of Creative Cloud and Adobe marketing cloud. However, end-market recovery appears slow which remains a matter of concern.”
ADBE has been the subject of a number of other research reports. KeyCorp reaffirmed an “overweight” rating and issued a $225.00 price objective (up previously from $220.00) on shares of Adobe Systems in a research note on Tuesday, January 23rd. Vetr raised Adobe Systems from a “buy” rating to a “strong-buy” rating and set a $198.52 price objective for the company in a research note on Wednesday, November 29th. Guggenheim reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Adobe Systems in a research note on Tuesday, January 23rd. Jefferies Group increased their price target on Adobe Systems to $263.00 and gave the company a “buy” rating in a research note on Friday, March 16th. Finally, BidaskClub raised Adobe Systems from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 9th. Nine research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $214.06.
Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 15th. The software company reported $1.55 earnings per share for the quarter, topping analysts’ consensus estimates of $1.44 by $0.11. The firm had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. Adobe Systems had a return on equity of 24.42% and a net margin of 24.40%. The business’s quarterly revenue was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.43) earnings per share. research analysts forecast that Adobe Systems will post 5.35 EPS for the current year.
In other news, Director Charles M. Geschke sold 21,276 shares of the stock in a transaction that occurred on Wednesday, January 10th. The stock was sold at an average price of $186.55, for a total value of $3,969,037.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Chairman Shantanu Narayen sold 165,023 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $197.89, for a total value of $32,656,401.47. The disclosure for this sale can be found here. Insiders sold a total of 349,646 shares of company stock valued at $67,309,347 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Cerebellum GP LLC purchased a new stake in shares of Adobe Systems in the fourth quarter worth approximately $118,000. Community Bank N.A. purchased a new stake in shares of Adobe Systems in the fourth quarter worth approximately $122,000. Avestar Capital LLC purchased a new stake in shares of Adobe Systems in the fourth quarter worth approximately $109,000. BB&T Investment Services Inc. raised its holdings in shares of Adobe Systems by 42.4% in the third quarter. BB&T Investment Services Inc. now owns 923 shares of the software company’s stock worth $138,000 after buying an additional 275 shares during the period. Finally, Truewealth LLC purchased a new stake in shares of Adobe Systems in the fourth quarter worth approximately $162,000. Hedge funds and other institutional investors own 87.02% of the company’s stock.
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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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