Nonetheless, and in the immediate aftermath of reporting, investor reaction in Adobe Systems Incorporated (ADBE) stock has proven to be much more bearish.
Adobe Systems, Inc. engages in the provision of digital marketing and digital media solutions. GARRETT MARK sold $5.16M worth of Adobe Systems Incorporated (NASDAQ:ADBE) on Monday, February 6. Canaccord Genuity upped their price objective on Adobe Systems to $145.00 in a research note on Friday.
3/17/2017-Cowen and Company Reiterated Rating of Outperform. Finally, Pivotal Research raised their price objective on shares of Adobe Systems from $104.00 to $109.00 and gave the stock a “hold” rating in a report on Friday. “Ultimately, through all this investigation into the company’s performance the analyst decides whether their stock is a “buy”, sell” or hold. On Wednesday, September 21 the stock rating was maintained by Citigroup with “Buy”. (NASDAQ:BRCD), after opening at $12.41, closed at $12.43 by scoring 0.08%. (NASDAQ:RGNX). Using the following ratings scale: 1.0 Strong Buy, 2.0 Buy, 3.0 Hold, 4.0 Sell and 5.0 Strong Sell, analysts have an average recommendation of 1.80.
In taking a look at technical levels, shares are trading 9.42% away from the 50 day simple moving average and 33.48% away from the 200 day simple moving average. The firm has a market capitalization of $59.77 billion, a price-to-earnings ratio of 52.14 and a beta of 1.06. Adobe Systems has a 12 month low of $90.35 and a 12 month high of $123.60.
As the past trend shows, Adobe Systems Incorporated’s stock price has rallied after earnings in 15 of the last 27 quarters. The maker of software like Photoshop and Illustrator reported profit of $398.5 million, or 80 cents a share, on revenue of $1.68 billion for its fiscal first quarter. The company now has a Return on Equity of 16.10% and Return on Investment of 13.20%. Wall Street had expected Adobe to deliver revenue of $1.65 billion.
On a pro forma basis, Adobe generated net income of $390.7 million compared with $263 million in the year-ago quarter.
Adobe Systems Inc. soared to a record Friday after it forecast sales in the current quarter that topped some analysts’ estimates, bolstering its position as a leader in the cloud and adding to a string of upbeat reports. Southeast Asset Advisors Inc sold 359,737 shares as Level 3 Communications (LVLT)’s stock declined 10.70%. Outperform is an analyst recommendation meaning a stock is expected to do slightly better than the market return. Following the completion of the sale, the chairman now owns 16,088 shares in the company, valued at approximately $1,695,836.08. The Delaware-based Tiverton Asset Management has invested 0.89% in Adobe Systems Incorporated (NASDAQ:ADBE). (NYSE:HIG) has been recognized as a 2017 World’s Most Ethical Company®, achieving this prestigious accolade for the ninth time, as designated by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.