Adobe (NASDAQ:ADBE) Price Target Raised to $530.00 at JPMorgan Chase & Co.

Adobe (NASDAQ:ADBE) had its price objective raised by JPMorgan Chase & Co. from $490.00 to $530.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a neutral rating on the software company’s stock.

Several other research analysts have also recently weighed in on ADBE. TheStreet raised Adobe from a c+ rating to a b- rating in a research report on Wednesday, June 21st. Deutsche Bank Aktiengesellschaft boosted their price objective on Adobe from $500.00 to $550.00 in a research report on Friday, June 16th. TD Cowen boosted their price objective on Adobe from $575.00 to $600.00 and gave the stock an outperform rating in a research report on Friday, September 8th. Piper Jaffray Companies boosted their price objective on Adobe from $500.00 to $572.00 and gave the stock an overweight rating in a research report on Friday, June 16th. Finally, Royal Bank of Canada boosted their price objective on Adobe from $460.00 to $555.00 in a research report on Friday, June 16th. Nine investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $586.38.

Adobe Trading Down 4.2 %

Shares of Adobe stock opened at $528.89 on Wednesday. The stock has a fifty day simple moving average of $530.08 and a 200 day simple moving average of $442.94. Adobe has a 12-month low of $274.73 and a 12-month high of $570.24. The company has a market capitalization of $241.07 billion, a P/E ratio of 50.47, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24.

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, topping 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 the consensus estimate of $4.87 billion. During the same quarter in the prior year, the company posted $2.63 earnings per share. Adobe’s revenue was up 10.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe will post 12.56 earnings per share for the current fiscal 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 transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Dana Rao sold 2,600 shares of the stock in a transaction dated 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 directly owns 17,466 shares in the company, valued at approximately $8,387,347.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. 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 ninety days. 0.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Institutional investors have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Adobe by 98,757.4% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock valued at $240,236,160,000 after acquiring an additional 490,793,569 shares during the period. Norges Bank purchased a new stake in Adobe during the 4th quarter valued at about $1,757,029,000. Capital Research Global Investors boosted its holdings in Adobe by 4,186.1% during the 2nd quarter. Capital Research Global Investors now owns 3,859,163 shares of the software company’s stock valued at $1,887,092,000 after acquiring an additional 3,769,125 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in Adobe by 115,991.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after acquiring an additional 3,245,427 shares during the period. Finally, Morgan Stanley boosted its holdings in Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares during the period. 80.00% of the stock is currently owned by institutional investors.

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.