Adobe (NASDAQ:ADBE) had its target price boosted by equities research analysts at BofA Securities from $440.00 to $570.00 in a research note issued on Wednesday, Briefing.com reports. The firm presently has a “buy” rating on the software company’s stock. BofA Securities’ price target would suggest a potential upside of 14.53% from the company’s current price.
Several other brokerages have also recently weighed in on ADBE. Bank of America increased their price objective on shares of Adobe from $330.00 to $440.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. BMO Capital Markets increased their target price on shares of Adobe from $440.00 to $535.00 and gave the stock an “outperform” rating in a report on Monday. Goldman Sachs Group increased their target price on shares of Adobe from $460.00 to $520.00 and gave the stock a “neutral” rating in a report on Wednesday. Oppenheimer started coverage on shares of Adobe in a report on Wednesday, August 12th. They issued a “buy” rating and a $430.00 target price for the company. Finally, Wells Fargo & Company reissued a “hold” rating and issued a $375.00 target price (up from $290.00) on shares of Adobe in a report on Friday, June 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have issued a buy rating to the company. Adobe currently has a consensus rating of “Buy” and an average price target of $480.73.
ADBE opened at $497.67 on Wednesday. The company’s 50-day simple moving average is $470.05 and its two-hundred day simple moving average is $395.83. Adobe has a 52-week low of $255.13 and a 52-week high of $536.88. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. The stock has a market capitalization 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.
Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The firm had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter in the prior year, the business earned $2.05 EPS. The business’s quarterly revenue was up 14.0% on a year-over-year basis. Research analysts forecast that Adobe will post 8.05 EPS for the current fiscal year.
In other Adobe news, CEO Shantanu Narayen sold 10,000 shares of the stock in a transaction dated Wednesday, July 15th. The stock was sold at an average price of $432.68, for a total value of $4,326,800.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Gloria Chen sold 497 shares of the stock in a transaction dated Tuesday, September 8th. The shares were 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 in the company, valued at approximately $3,477,163.80. The disclosure for this sale can be found here. Insiders sold a total of 87,383 shares of company stock worth $39,265,514 in the last ninety days. 0.31% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Adobe by 4.5% in the 2nd quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock valued at $16,572,043,000 after acquiring an additional 1,623,749 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Adobe by 3.1% during the 2nd 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 grew its stake in Adobe by 6.6% during the 1st quarter. Geode Capital Management LLC now owns 7,324,999 shares of the software company’s stock worth $2,326,855,000 after buying an additional 452,565 shares during the last quarter. Fisher Asset Management LLC grew its stake in Adobe by 4.1% during the 2nd quarter. Fisher Asset Management LLC now owns 5,344,469 shares of the software company’s stock worth $2,326,501,000 after buying an additional 212,586 shares during the last quarter. Finally, Polen Capital Management LLC grew its stake in Adobe by 3.6% during the 1st quarter. Polen Capital Management LLC now owns 5,134,597 shares of the software company’s stock worth $1,634,034,000 after buying an additional 180,710 shares during the last quarter. Institutional investors and hedge funds own 84.03% of the company’s stock.
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.
Read More: The benefits and drawbacks of dollar cost averaging
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.