Adobe Systems’s “Sell” Rating Reaffirmed at Goldman Sachs (ADBE)
Goldman Sachs reaffirmed their sell rating on shares of Adobe Systems (NASDAQ: ADBE) in a research note released on Wednesday morning. They currently have a $34.00 price target on the stock, up from their previous price target of $30.00.
“Adobe posted another solid quarter along its migration to subscription revenue, exceeding even the most bullish forecasts in terms of new subscriber adds. Revenue and non-GAAP EPS of $1.01bn and $0.35 beat consensus of $985mn and $0.31 (GSe: $978mn/ $0.31). Below the line items added $0.02 to non-GAAP EPS versus our forecast and non-GAAP operating margin came in at 23.9%, 140bps ahead of consensus. ADBE added 153K net new subscriptions in F1Q (excluding ETLA users), which is the key figure of investor focus and was better than guidance for fewer than 132K (GSe: 117K). Creative ARR (annualized recurring revenue) was $233mn, better than the F1Q13 target for $215mn and $153mn in F4Q12.,” Goldman Sachs’ analyst commented.
ADBE has been the subject of a number of other recent research reports. Analysts at UBS AG raised their price target on shares of Adobe Systems from $42.00 to $46.00 in a research note to investors on Wednesday. They now have a buy rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Adobe Systems from $47.00 to $52.00 in a research note to investors on Wednesday. They now have an outperform rating on the stock. Finally, analysts at Deutsche Bank raised their price target on shares of Adobe Systems from $47.00 to $50.00 in a research note to investors on Wednesday. They now have a buy rating on the stock.
Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $42.28.
Shares of Adobe Systems (NASDAQ: ADBE) traded up 1.64% during mid-day trading on Wednesday, hitting $42.87. Adobe Systems has a one year low of $29.52 and a one year high of $43.23. The stock’s 50-day moving average is currently $39.72. The company has a market cap of $21.375 billion and a P/E ratio of 29.75.
Adobe Systems Incorporated (NASDAQ: ADBE) is a diversified software company. The Company offers a line of software and services used by professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring and engaging with content and experiences across multiple operating systems, devices and media.
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