Adobe Systems (ADBE) Lowered to Buy at BidaskClub

BidaskClub downgraded shares of Adobe Systems (NASDAQ:ADBE) from a strong-buy rating to a buy rating in a report released on Wednesday morning.

Several other equities research analysts have also commented on ADBE. Jefferies Group assumed coverage on shares of Adobe Systems in a research note on Thursday, August 24th. They set a buy rating and a $175.00 price target on the stock. Bank of America boosted their price objective on shares of Adobe Systems from $108.00 to $120.00 and gave the stock a neutral rating in a report on Friday, August 25th. Vetr cut shares of Adobe Systems from a hold rating to a sell rating and set a $150.30 target price for the company. in a research report on Thursday, August 31st. Robert W. Baird restated a buy rating and set a $160.00 target price on shares of Adobe Systems in a research report on Friday, September 1st. Finally, Moffett Nathanson started coverage on shares of Adobe Systems in a research report on Wednesday, September 6th. They issued a buy rating and a $195.00 price objective for the company. Five investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $176.50.

Shares of Adobe Systems (NASDAQ:ADBE) traded up $5.98 on Wednesday, hitting $173.52. 3,773,000 shares of the stock were exchanged, compared to its average volume of 2,436,695. Adobe Systems has a fifty-two week low of $100.89 and a fifty-two week high of $186.27. The firm has a market cap of $82,587.66, a price-to-earnings ratio of 50.46, a price-to-earnings-growth ratio of 2.12 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 19th. The software company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.01 by $0.09. Adobe Systems had a net margin of 23.06% and a return on equity of 21.40%. The business had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period last year, the business earned $0.75 EPS. The company’s revenue was up 25.8% on a year-over-year basis. equities research analysts expect that Adobe Systems will post 3.46 EPS for the current year.

In other Adobe Systems news, EVP Ann Lewnes sold 1,953 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $155.88, for a total transaction of $304,433.64. Following the sale, the executive vice president now directly owns 56,356 shares of the company’s stock, valued at $8,784,773.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matthew Thompson sold 2,190 shares of the stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $173.42, for a total transaction of $379,789.80. The disclosure for this sale can be found here. Insiders sold 14,849 shares of company stock worth $2,519,679 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Aviva PLC raised its holdings in shares of Adobe Systems by 0.4% in the second quarter. Aviva PLC now owns 312,394 shares of the software company’s stock valued at $44,194,000 after buying an additional 1,250 shares during the last quarter. Bender Robert & Associates bought a new stake in Adobe Systems during the third quarter worth $3,476,000. Arcadia Investment Management Corp MI raised its stake in shares of Adobe Systems by 6.9% in the second quarter. Arcadia Investment Management Corp MI now owns 34,547 shares of the software company’s stock valued at $4,886,000 after buying an additional 2,242 shares during the period. BARING ASSET MANAGEMENT Ltd raised its stake in shares of Adobe Systems by 12.0% in the second quarter. BARING ASSET MANAGEMENT Ltd now owns 26,699 shares of the software company’s stock valued at $3,776,000 after buying an additional 2,864 shares during the period. Finally, Clinton Group Inc. bought a new stake in shares of Adobe Systems in the second quarter valued at $411,000. 87.45% of the stock is currently owned by institutional investors and hedge funds.

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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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