Adobe (NASDAQ:ADBE) Earns Overweight Rating from Morgan Stanley

Morgan Stanley reaffirmed their overweight rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Friday, Benzinga reports. The firm currently has a $660.00 price objective on the software company’s stock.

Several other equities research analysts also recently issued reports on ADBE. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a neutral rating in a research note on Wednesday, September 11th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an underweight rating in a research report on Friday, June 14th. Oppenheimer boosted their target price on Adobe from $580.00 to $625.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. Melius downgraded Adobe from a buy rating to a hold rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Finally, JMP Securities reaffirmed a market perform rating on shares of Adobe in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $606.58.

Adobe Stock Down 8.5 %

ADBE stock opened at $536.87 on Friday. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average price of $553.76 and a two-hundred day moving average price of $519.73.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the business earned $3.26 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Analysts anticipate that Adobe will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,259 shares of company stock worth $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new stake in shares of Adobe during the second quarter worth $35,655,000. Coronation Fund Managers Ltd. boosted its holdings in shares of Adobe by 124.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after acquiring an additional 2,521 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Adobe during the 2nd quarter worth $43,000. Clearbridge Investments LLC increased its holdings in Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new position in Adobe in the second quarter valued at about $313,000. Institutional investors 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.