Adobe (NASDAQ:ADBE) PT Raised to $600.00

Adobe (NASDAQ:ADBE) had its price objective boosted by investment analysts at Stifel Nicolaus from $550.00 to $600.00 in a research note issued on Friday, FlyOnTheWall reports. Stifel Nicolaus’ price objective would indicate a potential upside of 8.66% from the stock’s current price.

Several other brokerages also recently issued reports on ADBE. 888 restated a “maintains” rating on shares of Adobe in a research report on Friday, June 16th. JPMorgan Chase & Co. boosted their price target on Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a report on Wednesday. TD Cowen upped their price objective on Adobe from $575.00 to $600.00 and gave the company an “outperform” rating in a research report on Friday, September 8th. Argus lifted their price objective on Adobe from $410.00 to $565.00 in a research report on Wednesday, June 21st. Finally, Citigroup upped their target price on shares of Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a report on Wednesday. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $560.39.

Adobe Stock Down 0.3 %

ADBE opened at $552.16 on Friday. Adobe has a one year low of $274.73 and a one year high of $570.24. The company has a market cap of $251.67 billion, a price-to-earnings ratio of 52.69, a PEG ratio of 3.36 and a beta of 1.33. The business’s fifty day moving average is $527.79 and its two-hundred day moving average is $439.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the firm earned $2.63 EPS. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. Analysts anticipate that Adobe will post 12.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $520.00, for a total transaction of $1,139,320.00. Following the transaction, the executive vice president now directly owns 23,775 shares of the company’s stock, valued at $12,363,000. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 in the last quarter. 0.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently made changes to their positions in the company. NewSquare Capital LLC lifted 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 during the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $29,000. Financial Management Professionals Inc. boosted its position in Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after purchasing an additional 53 shares during the period. Fiduciary Alliance LLC bought a new position in Adobe during the 2nd quarter worth $32,000. Finally, Independence Bank of Kentucky increased its position 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 buying an additional 46 shares during the period. 80.00% of the stock is owned by institutional investors and hedge funds.

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.