Adobe (NASDAQ:ADBE) Research Coverage Started at Moffett Nathanson

Moffett Nathanson assumed coverage on shares of Adobe (NASDAQ:ADBEGet Rating) in a research note published on Thursday morning, MarketBeat Ratings reports. The brokerage issued a hold rating and a $354.00 price objective on the software company’s stock.

Several other equities analysts also recently weighed in on ADBE. Evercore ISI cut their target price on Adobe from $475.00 to $350.00 and set an outperform rating on the stock in a research report on Friday, September 16th. Royal Bank of Canada cut their target price on Adobe from $500.00 to $425.00 and set an outperform rating on the stock in a research report on Friday, September 16th. Jefferies Financial Group cut their target price on Adobe from $550.00 to $500.00 in a research report on Friday, June 17th. Piper Sandler cut their target price on Adobe from $430.00 to $358.00 and set an overweight rating on the stock in a research report on Friday, September 16th. Finally, KGI Securities began coverage on Adobe in a research report on Friday, September 2nd. They set a neutral rating on the stock. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $427.11.

Adobe Stock Performance

NASDAQ:ADBE opened at $287.06 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.14 and a quick ratio of 1.07. Adobe has a 1 year low of $280.06 and a 1 year high of $699.54. The stock’s 50 day simple moving average is $389.95 and its two-hundred day simple moving average is $403.64. The company has a market cap of $134.34 billion, a price-to-earnings ratio of 28.31, a PEG ratio of 1.95 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The business had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.44 billion. During the same quarter in the previous year, the company posted $2.65 EPS. The company’s revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe will post 11.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at $10,268,108.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the sale, the chief accounting officer now directly owns 2,465 shares in the company, valued at $1,010,033.75. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,769 shares of company stock worth $1,477,562. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Coston McIsaac & Partners acquired a new position in shares of Adobe in the second quarter valued at about $198,000. Royal London Asset Management Ltd. increased its holdings in shares of Adobe by 3.9% in the second quarter. Royal London Asset Management Ltd. now owns 690,092 shares of the software company’s stock valued at $252,674,000 after purchasing an additional 25,631 shares during the period. Fundamentun LLC increased its holdings in shares of Adobe by 6.5% in the second quarter. Fundamentun LLC now owns 8,824 shares of the software company’s stock valued at $3,230,000 after purchasing an additional 535 shares during the period. Amundi increased its holdings in shares of Adobe by 22.4% in the second quarter. Amundi now owns 2,963,024 shares of the software company’s stock valued at $1,104,541,000 after purchasing an additional 542,902 shares during the period. Finally, Intersect Capital LLC increased its holdings in shares of Adobe by 7.2% in the second quarter. Intersect Capital LLC now owns 3,683 shares of the software company’s stock valued at $1,348,000 after purchasing an additional 247 shares during the period. 80.75% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

(Get Rating)

Adobe Inc operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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