Analysts Set Adobe Inc. (NASDAQ:ADBE) PT at $620.72

Adobe Inc. (NASDAQ:ADBE) has been assigned a consensus rating of “Moderate Buy” from the twenty-seven research firms that are currently covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and nineteen have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $620.72.

A number of equities analysts have recently issued reports on the company. KeyCorp began coverage on Adobe in a research note on Thursday, March 21st. They issued an “underweight” rating and a $445.00 price target on the stock. HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research report on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $680.00 price objective on shares of Adobe in a report on Wednesday, March 27th. UBS Group reduced their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, TD Cowen dropped their price target on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research note on Friday, March 15th.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $493.59 on Friday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The firm has a market cap of $221.13 billion, a price-to-earnings ratio of 47.19, a price-to-earnings-growth ratio of 2.63 and a beta of 1.28. The business has a 50-day simple moving average of $507.00 and a two-hundred day simple moving average of $561.34. Adobe has a fifty-two week low of $331.89 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the company earned $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% on a year-over-year basis. On average, analysts expect that Adobe will post 14.55 earnings per share for the current year.

Adobe declared that its board has approved a stock buyback program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock worth $1,424,432 in the last three months. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

Institutional investors have recently bought and sold shares of the stock. HBC Financial Services PLLC acquired a new stake in Adobe in the third quarter valued at approximately $25,000. Tradewinds Capital Management LLC grew its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. purchased a new stake in Adobe in the 4th quarter worth $35,000. Finally, BluePath Capital Management LLC acquired a new position in Adobe during the third quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.