Adobe Inc. (NASDAQ:ADBE) Receives Consensus Rating of “Hold” from Analysts

Shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) have earned an average rating of “Hold” from the twenty-eight brokerages that are covering the firm, MarketBeat Ratings reports. Fourteen investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $387.45.

A number of research analysts recently issued reports on ADBE shares. Wolfe Research decreased their target price on Adobe from $440.00 to $420.00 in a report on Thursday, March 16th. Wells Fargo & Company raised their target price on shares of Adobe from $350.00 to $360.00 and gave the company an “equal weight” rating in a report on Thursday, March 16th. Mizuho raised their target price on shares of Adobe from $370.00 to $375.00 in a report on Thursday, March 16th. Morgan Stanley raised their target price on shares of Adobe from $382.00 to $385.00 and gave the company an “equal weight” rating in a report on Thursday, March 16th. Finally, JPMorgan Chase & Co. increased their target price on Adobe from $365.00 to $380.00 and gave the company a “neutral” rating in a report on Thursday, March 16th.

Insider Activity

In other news, Director John E. Warnock sold 1,500 shares of the company’s stock in a transaction dated Friday, March 17th. The shares were sold at an average price of $357.91, for a total value of $536,865.00. Following the completion of the sale, the director now directly owns 378,965 shares of the company’s stock, valued at $135,635,363.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 3,000 shares of Adobe stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $374.56, for a total value of $1,123,680.00. Following the sale, the executive vice president now owns 24,683 shares of the company’s stock, valued at $9,245,264.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John E. Warnock sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $357.91, for a total value of $536,865.00. Following the completion of the sale, the director now directly owns 378,965 shares of the company’s stock, valued at $135,635,363.15. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,304 shares of company stock valued at $3,055,314. Insiders own 0.24% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds have recently modified their holdings of ADBE. Integrated Investment Consultants LLC grew its holdings in shares of Adobe by 9.3% in the 3rd 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. Price T Rowe Associates Inc. MD boosted its position in shares of Adobe by 57.3% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 1,323,561 shares of the software company’s stock worth $364,245,000 after buying an additional 482,400 shares in the last quarter. M&G Investment Management Ltd. boosted its position in shares of Adobe by 7,370.9% in the 4th quarter. M&G Investment Management Ltd. now owns 85,094 shares of the software company’s stock worth $28,677,000 after buying an additional 83,955 shares in the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Adobe in the 3rd quarter worth about $225,000. Finally, Beaumont Financial Advisors LLC purchased a new stake in shares of Adobe in the 4th quarter worth about $474,000. 79.36% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE opened at $371.25 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.12 and a current ratio of 1.12. The stock has a market capitalization of $170.29 billion, a PE ratio of 36.58, a P/E/G ratio of 2.18 and a beta of 1.31. Adobe has a fifty-two week low of $274.73 and a fifty-two week high of $451.15. The company has a fifty day moving average of $364.68 and a two-hundred day moving average of $349.79.

Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, topping the consensus estimate of $3.68 by $0.12. Adobe had a return on equity of 36.53% and a net margin of 26.32%. The business had revenue of $4.66 billion for the quarter, compared to analysts’ expectations of $4.62 billion. During the same period in the previous year, the firm posted $2.84 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. As a group, research analysts forecast that Adobe will post 12.26 earnings per share for the current fiscal year.

About Adobe

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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.