Adobe (NASDAQ:ADBE) PT Raised to $640.00 at Barclays

Adobe (NASDAQ:ADBE) had its price objective upped by Barclays from $620.00 to $640.00 in a research report released on Friday, MarketBeat Ratings reports. They currently have an equal weight rating on the software company’s stock.

ADBE has been the topic of several other reports. UBS Group boosted their price target on Adobe from $525.00 to $600.00 and gave the company a neutral rating in a research note on Wednesday, September 6th. Piper Sandler boosted their price target on Adobe from $500.00 to $572.00 in a research note on Friday, June 16th. BMO Capital Markets boosted their price target on Adobe from $600.00 to $640.00 and gave the company an outperform rating in a research note on Tuesday, September 12th. Bank of America upgraded Adobe from a neutral rating to a buy rating and boosted their price target for the company from $575.00 to $630.00 in a research note on Thursday, August 17th. Finally, The Goldman Sachs Group boosted their price target on Adobe from $480.00 to $550.00 in a research note on Friday, June 16th. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $586.38.

Adobe Trading Up 0.7 %

Adobe stock opened at $532.42 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The business’s 50-day simple moving average is $530.08 and its 200-day simple moving average is $443.78. The firm has a market capitalization of $242.68 billion, a PE ratio of 47.92, a PEG ratio of 3.31 and a beta of 1.33. Adobe has a 52 week low of $274.73 and a 52 week high of $570.24.

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

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $481.41, for a total transaction of $1,444,230.00. Following the transaction, the director now owns 372,965 shares of the company’s stock, valued at approximately $179,549,080.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock valued at $20,720,115 in the last three months. 0.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Graham Capital Wealth Management LLC bought a new stake in shares of Adobe during the 1st quarter valued at $204,246,000. Fiduciary Alliance LLC bought a new stake in shares of Adobe during the 2nd quarter valued at $32,000. Independence Bank of Kentucky raised its position in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after acquiring an additional 46 shares during the last quarter. Glass Jacobson Investment Advisors llc bought a new stake in shares of Adobe during the 2nd quarter valued at $34,000. Finally, NewSquare Capital LLC raised its position in shares of Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 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.