Adobe (NASDAQ:ADBE) PT Raised to $675.00

Adobe (NASDAQ:ADBE) had its target price increased by equities researchers at Barclays from $650.00 to $675.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Barclays‘s price objective would indicate a potential upside of 18.85% from the company’s current price.

Other analysts also recently issued reports about the stock. TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Sanford C. Bernstein increased their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Finally, Mizuho restated a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $603.79.

Adobe Price Performance

Shares of ADBE opened at $567.93 on Wednesday. The business’s 50-day moving average is $553.57 and its two-hundred day moving average is $519.26. The company has a market capitalization of $251.82 billion, a P/E ratio of 51.03, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company earned $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts predict that Adobe will post 14.69 earnings per share for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth $3,277,785,000. Wellington Management Group LLP grew its stake in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. Swedbank AB purchased a new position in Adobe in the first quarter valued at $621,179,000. Longview Partners Guernsey LTD acquired a new stake in Adobe in the second quarter valued at $663,745,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Institutional investors and hedge funds own 81.79% 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.