Piper Sandler Increases Adobe (NASDAQ:ADBE) Price Target to $650.00

Adobe (NASDAQ:ADBE) had its target price boosted by Piper Sandler from $572.00 to $650.00 in a report issued on Friday, Marketbeat Ratings reports. They currently have an overweight rating on the software company’s stock.

Several other research firms have also recently weighed in on ADBE. Jefferies Financial Group lifted their price objective on shares of Adobe from $600.00 to $660.00 and gave the stock a buy rating in a research report on Monday, September 11th. TD Cowen lifted their price objective on shares of Adobe from $575.00 to $600.00 and gave the stock an outperform rating in a research report on Friday, September 8th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Adobe from $500.00 to $550.00 in a research note on Friday, June 16th. UBS Group lifted their target price on shares of Adobe from $525.00 to $600.00 and gave the company a neutral rating in a research note on Wednesday, September 6th. Finally, DA Davidson lifted their target price on shares of Adobe from $350.00 to $500.00 in a research note on Friday, June 16th. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $586.38.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $532.42 on Friday. Adobe has a twelve month low of $274.73 and a twelve month high of $570.24. 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 stock has a market cap of $242.68 billion, a price-to-earnings ratio of 47.92, a PEG ratio of 3.31 and a beta of 1.33. The firm’s 50 day moving average price is $530.08 and its two-hundred day moving average price is $443.78.

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

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction 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 $2,135,930.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were 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 directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock worth $20,720,115 over the last ninety days. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ADBE. VELA Investment Management LLC raised its position in shares of Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new position in shares of Adobe during the first quarter valued at about $15,947,000. United Bank raised its position in shares of Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC raised its position in shares of Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares during the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

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.