Adobe (NASDAQ:ADBE) had its price target upped by analysts at Goldman Sachs Group from $460.00 to $520.00 in a research note issued to investors on Wednesday, Briefing.com reports. The firm presently has a “neutral” rating on the software company’s stock. Goldman Sachs Group’s price target indicates a potential upside of 4.49% from the stock’s current price.
ADBE has been the subject of a number of other research reports. Wells Fargo & Company reaffirmed a “hold” rating and set a $375.00 target price (up previously from $290.00) on shares of Adobe in a report on Friday, June 12th. Cowen upgraded Adobe from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $400.00 to $555.00 in a research report on Friday, September 11th. Barclays upped their target price on Adobe from $530.00 to $600.00 and gave the company an “overweight” rating in a report on Wednesday. Oppenheimer initiated coverage on Adobe in a research note on Wednesday, August 12th. They issued a “buy” rating and a $430.00 price target on the stock. Finally, Bank of America increased their target price on Adobe from $330.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $480.73.
Shares of Adobe stock opened at $497.67 on Wednesday. The firm has a market cap of $233.07 billion, a P/E ratio of 65.66, a P/E/G ratio of 3.77 and a beta of 0.94. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38. Adobe has a 12 month low of $255.13 and a 12 month high of $536.88. The stock’s fifty day moving average price is $470.05 and its 200-day moving average price is $395.83.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, beating the consensus estimate of $2.41 by $0.16. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter last year, the firm posted $2.05 earnings per share. Analysts forecast that Adobe will post 8.05 earnings per share for the current year.
In related news, EVP Gloria Chen sold 497 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $472.12, for a total value of $234,643.64. Following the completion of the sale, the executive vice president now directly owns 7,365 shares of the company’s stock, valued at $3,477,163.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $436.08, for a total value of $2,180,400.00. Following the completion of the sale, the chief marketing officer now directly owns 44,874 shares of the company’s stock, valued at $19,568,653.92. The disclosure for this sale can be found here. In the last quarter, insiders sold 87,383 shares of company stock worth $39,265,514. Insiders own 0.31% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Adobe by 4.5% during the 2nd quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock valued at $16,572,043,000 after purchasing an additional 1,623,749 shares during the period. Bank of New York Mellon Corp increased its position in Adobe by 3.1% during the second quarter. Bank of New York Mellon Corp now owns 8,672,342 shares of the software company’s stock worth $3,775,156,000 after buying an additional 263,538 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Adobe by 6.6% during the first quarter. Geode Capital Management LLC now owns 7,324,999 shares of the software company’s stock valued at $2,326,855,000 after acquiring an additional 452,565 shares during the period. Fisher Asset Management LLC lifted its stake in shares of Adobe by 4.1% in the second quarter. Fisher Asset Management LLC now owns 5,344,469 shares of the software company’s stock valued at $2,326,501,000 after buying an additional 212,586 shares during the period. Finally, Polen Capital Management LLC lifted its stake in shares of Adobe by 3.6% in the first quarter. Polen Capital Management LLC now owns 5,134,597 shares of the software company’s stock valued at $1,634,034,000 after buying an additional 180,710 shares during the period. Hedge funds and other institutional investors own 84.03% of the company’s stock.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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