Bank of America Boosts Adobe (NASDAQ:ADBE) Price Target to $660.00

Adobe (NASDAQ:ADBE) had its price target upped by equities research analysts at Bank of America from $630.00 to $660.00 in a research note issued on Friday, FlyOnTheWall reports. Bank of America‘s price objective indicates a potential upside of 19.53% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ADBE. Atlantic Securities raised their price target on Adobe from $420.00 to $580.00 in a report on Friday, June 16th. Mizuho upgraded Adobe from a “neutral” rating to a “buy” rating and raised their target price for the stock from $520.00 to $630.00 in a report on Friday, September 8th. TD Cowen raised their target price on Adobe from $575.00 to $600.00 and gave the stock an “outperform” rating in a report on Friday, September 8th. BMO Capital Markets raised their target price on Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Wells Fargo & Company raised their target price on Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday. Ten research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $560.39.

Adobe Price Performance

Adobe stock opened at $552.16 on Friday. The business’s 50-day simple moving average is $527.79 and its 200 day simple moving average is $439.90. The stock has a market cap of $251.67 billion, a price-to-earnings ratio of 52.69, a P/E/G ratio of 3.36 and a beta of 1.33. Adobe has a 12-month low of $274.73 and a 12-month high of $570.24. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter last year, the business earned $2.63 earnings per share. As a group, research analysts anticipate that Adobe will post 12.56 earnings per share for the current year.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction that occurred 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 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 can be accessed through this link. In related news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction that occurred 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 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 can be accessed through this link. Also, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Ilmarinen Mutual Pension Insurance Co grew its stake in shares of Adobe by 11.1% in the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock valued at $19,269,000 after buying an additional 5,000 shares in the last quarter. Vident Investment Advisory LLC grew its position in shares of Adobe by 585.8% in the 4th quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock valued at $23,624,000 after acquiring an additional 59,962 shares during the period. Geo Capital Gestora de Recursos Ltd increased its stake in shares of Adobe by 8.5% during the 1st quarter. Geo Capital Gestora de Recursos Ltd now owns 10,433 shares of the software company’s stock worth $4,021,000 after purchasing an additional 813 shares during the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Adobe by 19.3% during the 1st quarter. Raleigh Capital Management Inc. now owns 507 shares of the software company’s stock worth $195,000 after purchasing an additional 82 shares during the last quarter. Finally, Colonial Trust Co SC increased its stake in shares of Adobe by 1,003.1% during the 1st quarter. Colonial Trust Co SC now owns 1,081 shares of the software company’s stock worth $417,000 after purchasing an additional 983 shares during the last quarter. Institutional investors and hedge funds 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.