Adobe (NASDAQ:ADBE) PT Raised to $385.00

Adobe (NASDAQ:ADBEGet Rating) had its price objective hoisted by equities researchers at Morgan Stanley from $382.00 to $385.00 in a report issued on Thursday, The Fly reports. The brokerage currently has an “equal weight” rating on the software company’s stock. Morgan Stanley’s target price points to a potential upside of 7.50% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Adobe from $400.00 to $430.00 and gave the stock a “buy” rating in a research note on Friday, December 16th. Stifel Nicolaus lifted their price target on shares of Adobe from $375.00 to $400.00 in a research note on Friday, December 16th. JPMorgan Chase & Co. lifted their price target on shares of Adobe from $365.00 to $380.00 and gave the company a “neutral” rating in a research note on Thursday. Wolfe Research decreased their price target on shares of Adobe from $440.00 to $420.00 in a research note on Thursday. Finally, Citigroup lifted their price target on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research note on Monday, December 19th. Sixteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $415.70.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $358.14 on Thursday. Adobe has a twelve month low of $274.73 and a twelve month high of $473.49. The firm has a fifty day simple moving average of $353.24 and a 200 day simple moving average of $334.18. The company has a market capitalization of $164.24 billion, a PE ratio of 35.46, a P/E/G ratio of 2.08 and a beta of 1.27. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBEGet Rating) last announced its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, topping analysts’ consensus estimates of $3.68 by $0.12. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The business had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter last year, the firm earned $2.84 earnings per share. Adobe’s quarterly revenue was up 9.2% on a year-over-year basis. On average, sell-side analysts forecast that Adobe will post 12.15 EPS for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 209 shares of the business’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $355.42, for a total transaction of $74,282.78. Following the transaction, the chief accounting officer now directly owns 3,479 shares in the company, valued at $1,236,506.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the transaction, the chief accounting officer now directly owns 3,271 shares in the company, valued at $1,105,598. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 209 shares of the business’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total transaction of $74,282.78. Following the transaction, the chief accounting officer now owns 3,479 shares in the company, valued at $1,236,506.18. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,265 shares of company stock worth $9,067,344. 0.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Aries Wealth Management raised its position in Adobe by 24.9% in the third quarter. Aries Wealth Management now owns 747 shares of the software company’s stock worth $238,000 after acquiring an additional 149 shares during the period. Integrated Investment Consultants LLC raised its position in Adobe by 9.3% in the third quarter. Integrated Investment Consultants LLC now owns 881 shares of the software company’s stock worth $242,000 after acquiring an additional 75 shares during the period. US Bancorp DE raised its position in Adobe by 8.3% in the third quarter. US Bancorp DE now owns 166,196 shares of the software company’s stock worth $45,737,000 after acquiring an additional 12,676 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 57.3% in the third quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock valued at $364,245,000 after purchasing an additional 482,400 shares during the period. Finally, Bridgefront Capital LLC bought a new stake in Adobe during the 3rd quarter worth approximately $225,000. 79.36% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Company Profile

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

Featured Articles

The Fly logo

Analyst Recommendations for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.