Adobe (NASDAQ:ADBE) Raised to “Strong-Buy” at StockNews.com

Adobe (NASDAQ:ADBE) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a research report issued on Wednesday.

Several other equities research analysts also recently issued reports on the stock. Citigroup dropped their price target on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Royal Bank of Canada cut their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein lowered their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Trading Down 0.9 %

NASDAQ:ADBE opened at $437.39 on Wednesday. The business’s 50-day moving average is $501.44 and its two-hundred day moving average is $522.60. The firm has a market capitalization of $192.54 billion, a PE ratio of 35.27, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. The company’s revenue was up 11.1% on a year-over-year basis. Research analysts predict that Adobe will post 16.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,293 shares of company stock valued at $14,719,309 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. GYL Financial Synergies LLC lifted its holdings in shares of Adobe by 2.1% during the 2nd quarter. GYL Financial Synergies LLC now owns 2,138 shares of the software company’s stock worth $1,188,000 after acquiring an additional 44 shares during the period. HTLF Bank lifted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. &PARTNERS boosted its holdings in Adobe by 99.9% during the second quarter. &PARTNERS now owns 3,862 shares of the software company’s stock valued at $2,145,000 after purchasing an additional 1,930 shares in the last quarter. Goldstein Advisors LLC boosted its holdings in Adobe by 4.7% during the second quarter. Goldstein Advisors LLC now owns 1,547 shares of the software company’s stock valued at $859,000 after purchasing an additional 69 shares in the last quarter. Finally, Cornerstone Wealth Group LLC grew its stake in shares of Adobe by 13.0% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 1,250 shares of the software company’s stock valued at $694,000 after purchasing an additional 144 shares during the period. 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.