Adobe (NASDAQ:ADBE) Rating Increased to Buy at StockNews.com

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a hold rating to a buy rating in a research report released on Friday morning.

Several other equities analysts have also issued reports on the company. Piper Sandler reaffirmed an overweight rating and set a $635.00 price objective on shares of Adobe in a report on Friday. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Mizuho reissued a buy rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Melius Research restated a hold rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, UBS Group reduced their price target on shares of Adobe from $560.00 to $550.00 and set a neutral rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of Moderate Buy and an average price target of $606.58.

Adobe Price Performance

ADBE stock opened at $536.87 on Friday. The stock has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. 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 200 day moving average price of $519.73.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock worth $14,855,543 over the last three months. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in shares of 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 purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 81.79% 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.