Adobe Systems (ADBE) Downgraded by BidaskClub

BidaskClub downgraded shares of Adobe Systems (NASDAQ:ADBE) from a buy rating to a hold rating in a research note released on Friday.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of Adobe Systems from a hold rating to a buy rating and set a $305.00 price objective on the stock in a research note on Thursday, October 4th. Argus raised their price objective on shares of Adobe Systems from $289.00 to $320.00 and gave the company a buy rating in a research note on Monday, September 17th. Robert W. Baird raised their price objective on shares of Adobe Systems from $280.00 to $290.00 and gave the company an outperform rating in a research note on Friday, September 14th. Jefferies Financial Group raised their price objective on shares of Adobe Systems to $315.00 and gave the company a buy rating in a research note on Friday, September 14th. Finally, Credit Suisse Group raised their price objective on shares of Adobe Systems from $275.00 to $300.00 and gave the company an outperform rating in a research note on Friday, September 14th. Ten research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $262.03.

ADBE opened at $254.69 on Friday. Adobe Systems has a one year low of $148.15 and a one year high of $277.61. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.21. The company has a market cap of $131.77 billion, a PE ratio of 70.94, a P/E/G ratio of 2.91 and a beta of 1.08.

Adobe Systems (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 13th. The software company reported $1.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.69 by $0.04. Adobe Systems had a net margin of 28.16% and a return on equity of 29.51%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. Adobe Systems’s revenue was up 24.4% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Systems will post 5.65 EPS for the current fiscal year.

In other Adobe Systems news, EVP Abhay Parasnis sold 10,500 shares of the stock in a transaction on Tuesday, July 24th. The shares were sold at an average price of $260.01, for a total value of $2,730,105.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Ann Lewnes sold 2,941 shares of the stock in a transaction on Wednesday, September 19th. The stock was sold at an average price of $271.14, for a total transaction of $797,422.74. Following the completion of the sale, the executive vice president now owns 58,557 shares in the company, valued at $15,877,144.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,320 shares of company stock worth $5,031,554. Company insiders own 0.33% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Massachusetts Financial Services Co. MA raised its holdings in Adobe Systems by 2.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 7,139,319 shares of the software company’s stock worth $1,740,637,000 after purchasing an additional 141,525 shares during the period. Morgan Stanley raised its holdings in shares of Adobe Systems by 79.1% during the second quarter. Morgan Stanley now owns 3,431,752 shares of the software company’s stock worth $836,695,000 after acquiring an additional 1,515,736 shares during the period. Edgewood Management LLC acquired a new stake in shares of Adobe Systems during the second quarter worth $565,496,000. Schwab Charles Investment Management Inc. raised its holdings in shares of Adobe Systems by 5.4% during the second quarter. Schwab Charles Investment Management Inc. now owns 1,831,169 shares of the software company’s stock worth $446,458,000 after acquiring an additional 94,626 shares during the period. Finally, Swedbank raised its holdings in shares of Adobe Systems by 3.8% during the second quarter. Swedbank now owns 1,820,343 shares of the software company’s stock worth $443,818,000 after acquiring an additional 66,223 shares during the period. Institutional investors own 84.76% of the company’s stock.

About Adobe Systems

Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

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