ValuEngine Upgrades Adobe Systems (ADBE) to “Buy”

Adobe Systems (NASDAQ:ADBE) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday.

Several other equities research analysts have also weighed in on ADBE. Canaccord Genuity reissued a “buy” rating and set a $245.00 price objective (up from $220.00) on shares of Adobe Systems in a research note on Friday, March 16th. Morgan Stanley reissued an “equal weight” rating and set a $235.00 price objective (up from $193.00) on shares of Adobe Systems in a research note on Friday, March 16th. JPMorgan Chase reissued a “neutral” rating and set a $235.00 price objective (up from $210.00) on shares of Adobe Systems in a research note on Friday, March 16th. Pivotal Research reaffirmed a “hold” rating and issued a $199.00 target price (up previously from $195.00) on shares of Adobe Systems in a research report on Friday, March 16th. Finally, Piper Jaffray raised their target price on Adobe Systems from $220.00 to $260.00 and gave the stock an “overweight” rating in a research report on Friday, March 16th. Ten analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $217.88.

Shares of ADBE traded down $3.80 during trading hours on Monday, hitting $212.28. 3,473,218 shares of the company were exchanged, compared to its average volume of 3,078,520. The firm has a market cap of $106,412.98, a PE ratio of 59.13, a P/E/G ratio of 2.49 and a beta of 1.04. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.22. Adobe Systems has a one year low of $128.21 and a one year high of $231.34.

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 the consensus estimate of $1.44 by $0.11. The business 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 company’s revenue was up 23.6% compared to the same quarter last year. During the same period last year, the company posted ($0.43) EPS. equities research analysts anticipate that Adobe Systems will post 5.35 EPS for the current fiscal year.

In related news, Director Charles M. Geschke sold 21,276 shares of the stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $186.55, for a total transaction of $3,969,037.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 2,940 shares of the stock in a transaction on Thursday, March 22nd. The stock was sold at an average price of $223.86, for a total value of $658,148.40. Following the sale, the executive vice president now owns 76,201 shares of the company’s stock, valued at $17,058,355.86. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 316,586 shares of company stock valued at $62,229,415. 0.33% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. raised its holdings in Adobe Systems by 25.0% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 33,339 shares of the software company’s stock valued at $5,842,000 after buying an additional 6,663 shares in the last quarter. Certified Advisory Corp bought a new position in Adobe Systems during the fourth quarter valued at about $180,000. Xact Kapitalforvaltning AB raised its holdings in Adobe Systems by 8.3% during the fourth quarter. Xact Kapitalforvaltning AB now owns 91,821 shares of the software company’s stock valued at $16,091,000 after buying an additional 7,059 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Adobe Systems by 2.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 227,725 shares of the software company’s stock valued at $39,906,000 after buying an additional 6,195 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in Adobe Systems by 1.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 257,118 shares of the software company’s stock valued at $45,057,000 after buying an additional 3,176 shares in the last quarter. Institutional investors and hedge funds own 87.03% of the company’s stock.

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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. This segment's flagship product is Creative Cloud, a subscription service that allows customers to download and install the latest versions of its creative products.

Analyst Recommendations for Adobe Systems (NASDAQ:ADBE)

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