Adobe (NASDAQ:ADBE) Given New $625.00 Price Target at The Goldman Sachs Group

Adobe (NASDAQ:ADBE) had its price objective lifted by The Goldman Sachs Group from $550.00 to $625.00 in a research note released on Friday, Marketbeat reports. The firm currently has a buy rating on the software company’s stock.

ADBE has been the subject of a number of other research reports. StockNews.com began coverage on Adobe in a research report on Thursday, August 17th. They set a buy rating for the company. TD Cowen raised their price target on Adobe from $600.00 to $630.00 and gave the company an outperform rating in a report on Friday. Barclays increased their price objective on Adobe from $620.00 to $640.00 and gave the stock an equal weight rating in a research report on Friday. DA Davidson increased their price objective on Adobe from $350.00 to $500.00 in a research report on Friday, June 16th. Finally, Wells Fargo & Company raised their price target on Adobe from $600.00 to $625.00 and gave the stock an overweight rating in a research report on Tuesday, September 12th. Nine analysts have rated the stock with a hold rating and eighteen have given 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 a consensus target price of $586.38.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $532.42 on Friday. The stock has a market capitalization of $242.68 billion, a P/E ratio of 47.92, a P/E/G ratio of 3.31 and a beta of 1.33. Adobe has a 1-year low of $274.73 and a 1-year high of $570.24. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average price of $530.08 and a two-hundred day moving average price of $443.78.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 38.66% and a net margin of 27.11%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the prior year, the business posted $2.63 EPS. Adobe’s revenue was up 10.3% on a year-over-year basis. Equities analysts predict that Adobe will post 12.56 earnings per share for the current year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on 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 transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction that occurred on 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 directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,089 shares of company stock worth $20,720,115. Corporate insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Hartford Financial Management Inc. lifted its holdings in shares of Adobe by 0.4% during the second quarter. Hartford Financial Management Inc. now owns 4,471 shares of the software company’s stock valued at $2,186,000 after purchasing an additional 20 shares during the last quarter. Capital Planning Advisors LLC grew its position in shares of Adobe by 0.3% during the 2nd quarter. Capital Planning Advisors LLC now owns 7,954 shares of the software company’s stock valued at $3,889,000 after acquiring an additional 20 shares during the period. Weil Company Inc. lifted its stake in shares of Adobe by 2.4% during the 2nd quarter. Weil Company Inc. now owns 842 shares of the software company’s stock valued at $412,000 after buying an additional 20 shares in the last quarter. Financial Management Professionals Inc. lifted its stake in shares of Adobe by 25.0% during the 2nd quarter. Financial Management Professionals Inc. now owns 105 shares of the software company’s stock valued at $51,000 after buying an additional 21 shares in the last quarter. Finally, Sage Capital Advisors llc lifted its stake in shares of Adobe by 0.4% during the 2nd quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock valued at $2,738,000 after buying an additional 21 shares in the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

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.