Adobe Inc. (NASDAQ:ADBE) Receives $584.88 Average Target Price from Brokerages

Adobe Inc. (NASDAQ:ADBE) has received a consensus recommendation of “Moderate Buy” from the twenty-eight analysts that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $584.88.

A number of brokerages recently weighed in on ADBE. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at approximately $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,293 shares of company stock valued at $14,719,309. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Large investors have recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the third quarter worth about $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.4 %

NASDAQ ADBE opened at $455.23 on Friday. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average price is $503.82 and its 200-day moving average price is $523.77. The stock has a market cap of $200.39 billion, a P/E ratio of 36.71, a P/E/G ratio of 2.51 and a beta of 1.29.

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

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.