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No Surprise Here: Adobe Beats Estimates in Fiscal 3Q16

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Part 12
No Surprise Here: Adobe Beats Estimates in Fiscal 3Q16 PART 12 OF 12

What Are Analysts’ Recommendations for Adobe’s Stock?

Wall Street analysts’ views on Adobe’s stock

Earlier in this series, we discussed Adobe Systems’ (ADBE) recently announced fiscal 3Q16 results. We saw that in the application software space, Adobe’s peers include Salesforce (CRM), SAP (SAP), and Workday (WDAY). In this final part of the series, we’ll take a look at some market views on Adobe and some of the company’s metrics.
What Are Analysts’ Recommendations for Adobe’s Stock?

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Among the ratings given by the 28 analysts covering Adobe stock, there were no “sell” recommendations. As shown in the above graph, close to 80% of analysts made a “buy” recommendation. The remainder made “hold” recommendations.

Adobe’s double-digit revenue growth, consistently improving margins, and reasonable debt levels have led to a rise in Adobe stock. After the company’s fiscal 3Q16 results, the stock touched an all-time high.

Adobe’s price performance

Adobe’s stock price movement over the past month has been positive. As of September 21, 2016, the company’s stock rose ~7.4%. In the last year, Adobe’s stock value has risen ~33%.

Analyst target prices

The Wall Street consensus target price for Adobe was $117.83 per share on September 21, 2016. The median target price was $120. Adobe’s closing price was $107.78 that day.

According to Investor’s Business Daily, Pivotal Research Group reiterated its “buy” rating on Adobe stock and raised its price target to $125 from $124. Pacific Crest Securities rated the stock “overweight” and raised its price target to $122 from $110.

You could consider investing in the PowerShares QQQ ETF (QQQ) to gain exposure to Adobe. The company accounts for 0.84% of QQQ. Investors seeking application software exposure could also consider this ETF. Application software accounts for ~24% of QQQ.

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