Piper Sandler Increases Adobe (NASDAQ:ADBE) Price Target to $570.00

Adobe (NASDAQ:ADBE) had its target price boosted by Piper Sandler from $430.00 to $570.00 in a report issued on Wednesday, Briefing.com reports. The brokerage presently has an “overweight” rating on the software company’s stock. Piper Sandler’s price target points to a potential upside of 14.53% from the stock’s current price.

Other equities analysts have also issued reports about the company. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, September 9th. BMO Capital Markets upped their target price on Adobe from $440.00 to $535.00 and gave the company an “outperform” rating in a report on Monday. JPMorgan Chase & Co. set a $550.00 target price on Adobe and gave the company a “buy” rating in a report on Wednesday. Oppenheimer upped their target price on Adobe from $430.00 to $550.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Citigroup lowered their target price on Adobe from $530.00 to $523.00 and set a “neutral” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $480.73.

Shares of NASDAQ ADBE opened at $497.67 on Wednesday. The stock’s 50 day moving average price is $470.05 and its two-hundred day moving average price is $395.83. Adobe has a 52-week low of $255.13 and a 52-week high of $536.88. The stock has a market capitalization of $233.07 billion, a P/E ratio of 65.66, a PEG ratio of 3.77 and a beta of 0.94. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.53% and a net margin of 30.72%. 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 firm posted $2.05 earnings per share. Adobe’s revenue for the quarter was up 14.0% compared to the same quarter last year. On average, analysts anticipate that Adobe will post 8.05 EPS for the current year.

In other news, EVP Gloria Chen sold 497 shares of the stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $472.12, for a total transaction of $234,643.64. Following the completion of the sale, the executive vice president now owns 7,365 shares in the company, valued at approximately $3,477,163.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 600 shares of the stock in a transaction on Wednesday, July 15th. The shares were sold at an average price of $435.16, for a total value of $261,096.00. The disclosure for this sale can be found here. Insiders sold 87,383 shares of company stock valued at $39,265,514 over the last 90 days. 0.31% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC lifted its position in shares of Adobe by 67.7% during the 2nd quarter. Schonfeld Strategic Advisors LLC now owns 20,835 shares of the software company’s stock valued at $9,070,000 after acquiring an additional 8,413 shares during the last quarter. Elevated Capital Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter valued at $1,333,000. FinTrust Capital Advisors LLC lifted its position in shares of Adobe by 115.2% during the 2nd quarter. FinTrust Capital Advisors LLC now owns 1,106 shares of the software company’s stock valued at $481,000 after acquiring an additional 592 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Adobe by 3.4% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 471,160 shares of the software company’s stock valued at $205,100,000 after acquiring an additional 15,292 shares during the last quarter. Finally, Garde Capital Inc. lifted its position in shares of Adobe by 17.3% during the 2nd quarter. Garde Capital Inc. now owns 772 shares of the software company’s stock valued at $336,000 after acquiring an additional 114 shares during the last quarter. Institutional investors own 84.03% of the company’s stock.

About Adobe

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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