Deutsche Bank Aktiengesellschaft Increases Adobe (NASDAQ:ADBE) Price Target to $610.00

Adobe (NASDAQ:ADBE) had its price target hoisted by stock analysts at Deutsche Bank Aktiengesellschaft from $550.00 to $610.00 in a research note issued on Friday, FlyOnTheWall reports. Deutsche Bank Aktiengesellschaft’s target price indicates a potential upside of 14.52% from the stock’s previous close.

Several other brokerages also recently commented on ADBE. BMO Capital Markets lifted their price target on Adobe from $600.00 to $640.00 and gave the stock an “outperform” rating in a research report on Tuesday. Stifel Nicolaus lifted their price target on Adobe from $550.00 to $600.00 in a research report on Friday. Evercore ISI lifted their price target on Adobe from $590.00 to $605.00 in a research report on Friday. Argus lifted their price target on Adobe from $410.00 to $565.00 in a research report on Wednesday, June 21st. Finally, DA Davidson boosted their price objective on Adobe from $350.00 to $500.00 in a research report on Friday, June 16th. Ten equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $567.18.

Adobe Stock Down 3.5 %

Shares of Adobe stock traded down $19.50 during trading on Friday, hitting $532.66. 2,226,046 shares of the stock traded hands, compared to its average volume of 3,182,009. The stock has a market cap of $242.79 billion, a P/E ratio of 50.83, a PEG ratio of 3.32 and a beta of 1.33. 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 has a twelve month low of $274.73 and a twelve month high of $570.24. The company has a fifty day moving average price of $527.79 and a two-hundred day moving average price of $439.90.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. During the same period in the previous year, the company earned $2.63 EPS. The firm’s revenue was up 10.3% on a year-over-year basis. Equities research analysts predict that Adobe will post 12.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total value of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, 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. Over the last quarter, insiders have sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Graham Capital Wealth Management LLC bought a new stake in shares of Adobe in the first quarter worth about $204,246,000. Fiduciary Alliance LLC bought a new stake in shares of Adobe in the second quarter worth about $32,000. Independence Bank of Kentucky increased its holdings in shares of 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 shares of Adobe during the second quarter worth about $34,000. Finally, NewSquare Capital LLC grew its holdings in shares of Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares in the last quarter. 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.