Adobe (NASDAQ:ADBE) Upgraded to “Strong-Buy” at Argus

Adobe (NASDAQ:ADBE) was upgraded by equities research analysts at Argus to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

A number of other analysts have also recently commented on ADBE. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price objective on shares of Adobe in a research report on Friday, September 13th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Sanford C. Bernstein cut their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Wells Fargo & Company boosted their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 3.6 %

Shares of NASDAQ ADBE opened at $526.44 on Monday. The firm’s 50-day moving average is $549.91 and its two-hundred day moving average is $519.04. The company has a market capitalization of $233.42 billion, a PE ratio of 47.30, a price-to-earnings-growth ratio of 3.03 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 1.16 and a quick ratio of 1.16.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other 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 transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its position in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe during the 2nd quarter valued at approximately $39,000. Institutional investors and hedge funds 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.