Adobe (NASDAQ:ADBE) Upgraded to Buy by Mizuho

Adobe (NASDAQ:ADBE) was upgraded by Mizuho from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, FinViz reports. The brokerage currently has a $630.00 price target on the software company’s stock, up from their prior price target of $520.00. Mizuho’s price target suggests a potential upside of 12.41% from the company’s current price.

Several other research analysts have also weighed in on the company. Argus increased their price objective on Adobe from $410.00 to $565.00 in a research report on Wednesday, June 21st. UBS Group increased their price objective on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a research report on Wednesday. Atlantic Securities increased their price objective on Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. Stifel Nicolaus increased their price objective on Adobe from $400.00 to $550.00 in a research report on Friday, June 16th. Finally, TheStreet upgraded Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. Ten investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $527.11.

Adobe Price Performance

ADBE stock opened at $560.46 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The business has a 50 day simple moving average of $522.32 and a 200-day simple moving average of $433.37. The firm has a market capitalization of $255.46 billion, a PE ratio of 53.48, a price-to-earnings-growth ratio of 3.39 and a beta of 1.33. Adobe has a 1 year low of $274.73 and a 1 year high of $569.98.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. The business had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.77 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the business earned $2.70 earnings per share. Equities research analysts anticipate that Adobe will post 12.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now directly owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now directly owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Dana Rao sold 2,600 shares of the firm’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the completion of the sale, the executive vice president now owns 17,466 shares in the company, valued at $8,387,347.86. The disclosure for this sale can be found here. Insiders have sold a total of 43,089 shares of company stock worth $20,720,115 over the last ninety days. Corporate insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently made changes to their positions in the company. Hartford Financial Management Inc. grew its holdings in shares of Adobe by 0.4% during the second quarter. Hartford Financial Management Inc. now owns 4,471 shares of the software company’s stock worth $2,186,000 after purchasing an additional 20 shares during the last quarter. Capital Planning Advisors LLC grew its holdings in shares of Adobe by 0.3% during the second quarter. Capital Planning Advisors LLC now owns 7,954 shares of the software company’s stock worth $3,889,000 after purchasing an additional 20 shares during the last quarter. Weil Company Inc. grew its holdings in shares of Adobe by 2.4% during the second quarter. Weil Company Inc. now owns 842 shares of the software company’s stock worth $412,000 after purchasing an additional 20 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Adobe by 25.0% during the second quarter. Financial Management Professionals Inc. now owns 105 shares of the software company’s stock worth $51,000 after purchasing an additional 21 shares during the last quarter. Finally, Sage Capital Advisors llc grew its holdings in shares of Adobe by 0.4% during the second quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock worth $2,738,000 after purchasing an additional 21 shares during the last quarter. Hedge funds and other institutional investors own 80.00% of the company’s stock.

About Adobe

Adobe Inc, together with its subsidiaries, 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.