Adobe (NASDAQ:ADBE) Price Target Raised to $605.00

Adobe (NASDAQ:ADBE) had its price target lifted by investment analysts at Evercore ISI from $590.00 to $605.00 in a research note issued on Friday, FlyOnTheWall reports. Evercore ISI’s target price would indicate a potential upside of 9.57% from the company’s current price.

Several other equities research analysts also recently issued reports on the company. UBS Group increased their price target on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a report on Wednesday, September 6th. Barclays increased their price target on Adobe from $620.00 to $640.00 in a report on Friday. DA Davidson increased their price target on Adobe from $350.00 to $500.00 in a report on Friday, June 16th. TheStreet upgraded Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. Finally, Citigroup increased their price target on Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $565.04.

Adobe Trading Down 0.3 %

ADBE stock opened at $552.16 on Friday. The business has a fifty day moving average of $527.79 and a 200-day moving average of $439.90. The company has a market cap of $251.67 billion, a P/E ratio of 52.69, a PEG ratio of 3.32 and a beta of 1.33. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. Adobe has a twelve month low of $274.73 and a twelve month high of $570.24.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.63 earnings per share. As a group, equities research analysts expect that Adobe will post 12.56 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock valued at $20,720,115 in the last 90 days. Corporate insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. Graham Capital Wealth Management LLC bought a new stake in shares of Adobe during the 1st quarter valued at about $204,246,000. Fiduciary Alliance LLC bought a new position in Adobe in the second quarter worth approximately $32,000. Independence Bank of Kentucky boosted its holdings in Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after acquiring an additional 46 shares in the last quarter. Glass Jacobson Investment Advisors llc bought a new position in Adobe in the second quarter worth approximately $34,000. Finally, NewSquare Capital LLC boosted its holdings in Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after acquiring an additional 53 shares in the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

Adobe Company Profile

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.