Zacks Investment Research cut shares of Adobe Systems Inc. (NASDAQ:ADBE) from a buy rating to a hold rating in a research report report published on Tuesday morning.
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 topic of several other reports. Vetr lowered shares of Adobe Systems from a hold rating to a sell rating and set a $105.68 price target on the stock. in a report on Monday, October 10th. Deutsche Bank AG reaffirmed a buy rating and set a $125.00 price target on shares of Adobe Systems in a report on Thursday, November 3rd. Stephens began coverage on shares of Adobe Systems in a report on Wednesday, August 10th. They set an overweight rating and a $125.00 price target on the stock. Cowen and Company reaffirmed an outperform rating and set a $120.00 price target on shares of Adobe Systems in a report on Tuesday, September 27th. Finally, BTIG Research began coverage on shares of Adobe Systems in a report on Wednesday, November 16th. They set a neutral rating on the stock. Eight research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $112.87.
Shares of Adobe Systems (NASDAQ:ADBE) opened at 105.02 on Tuesday. Adobe Systems has a 52 week low of $71.27 and a 52 week high of $111.09. The firm has a 50-day moving average of $106.90 and a 200 day moving average of $101.34. The company has a market cap of $52.22 billion, a P/E ratio of 53.58 and a beta of 1.14.
Adobe Systems (NASDAQ:ADBE) last released its earnings results on Tuesday, September 20th. The software company reported $0.75 EPS for the quarter, beating the consensus estimate of $0.72 by $0.03. Adobe Systems had a net margin of 17.86% and a return on equity of 15.03%. The firm had revenue of $1.46 billion for the quarter. During the same period in the prior year, the business earned $0.54 earnings per share. Adobe Systems’s quarterly revenue was up 20.2% compared to the same quarter last year. Equities analysts anticipate that Adobe Systems will post $2.98 earnings per share for the current fiscal year.
In related news, 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 transaction of $1,461,610.84. Following the completion of the transaction, the executive vice president now owns 30,993 shares in the company, valued at $3,398,072.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark Garrett sold 26,899 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $103.47, for a total transaction of $2,783,239.53. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Adobe Systems by 6.6% in the second quarter. FMR LLC now owns 36,342,447 shares of the software company’s stock valued at $3,481,242,000 after buying an additional 2,249,163 shares during the period. Vanguard Group Inc. increased its stake 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 valued at $2,953,789,000 after buying an additional 1,325,228 shares during the period. Bank of New York Mellon Corp increased its stake in Adobe Systems by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 15,555,000 shares of the software company’s stock valued at $1,490,013,000 after buying an additional 211,475 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in Adobe Systems by 7.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 14,229,808 shares of the software company’s stock valued at $1,544,503,000 after buying an additional 1,033,724 shares during the period. Finally, Janus Capital Management LLC increased its stake 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 valued at $1,279,159,000 after buying an additional 2,215,100 shares during the period. Institutional investors own 86.36% 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.