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The stock got upgraded Thursday by analysts at SunTrust Robinson Humphrey and Adams Harkness.

In a research note, Adams Harkness analyst Steven Frankel said that the company's core business is stable and that new products are likely to drive future earnings higher than current estimates.

"With the recent sell-off in the shares and the reporting of another solid quarter, we believe now is the time to step up and buy the stock," said Frankel, who raised his rating to "strong buy."

At SunTrust, analyst Chris Rowen raised his rating on the stock from "neutral" to "buy," citing the company's growing business and mobile-phone segments, which he predicted could grow together to account for 25 percent of the company's revenue base.

A more bearish outlook came from Keybanc Capital analyst Mark Schappel, who said that the company reported a good quarter and strong revenue targets but that its outlook for operating margins was lower than expected.

"We think the stock could pull back further in the coming months as the new CEO makes his mark and as investors move in and out of the stock in advance of the next release of the MX product family, which we expect to be available later in the summer," said Schappel, who maintained a "hold" rating on Macromedia.