Adobe (NASDAQ:ADBE)‘s stock had its “buy” rating reissued by equities research analysts at Sanford C. Bernstein in a research note issued on Wednesday, Borsen Zeitung reports. They currently have a $562.00 target price on the software company’s stock. Sanford C. Bernstein’s price target suggests a potential upside of 16.11% from the stock’s current price.
Several other equities research analysts have also issued reports on ADBE. Royal Bank of Canada lifted their price target on Adobe from $550.00 to $570.00 and gave the company an “outperform” rating in a report on Wednesday. Wells Fargo & Company increased their price target on shares of Adobe from $375.00 to $500.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Cowen upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and raised their price target for the company from $400.00 to $555.00 in a report on Friday, September 11th. Oppenheimer upped their price objective on shares of Adobe from $430.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday. Finally, Citigroup cut their target price on Adobe from $530.00 to $523.00 and set a “neutral” rating on the stock in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-five have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $487.55.
Shares of ADBE stock traded down $13.63 during trading on Wednesday, hitting $484.04. 170,590 shares of the company were exchanged, compared to its average volume of 3,353,773. The firm has a market capitalization of $233.07 billion, a price-to-earnings ratio of 63.13, a P/E/G ratio of 3.77 and a beta of 0.94. 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 business’s 50-day simple moving average is $470.05 and its 200 day simple moving average is $395.83. Adobe has a twelve month low of $255.13 and a twelve month high of $536.88.
Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Adobe’s revenue was up 14.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.05 EPS. On average, equities analysts forecast that Adobe will post 8.05 earnings per share for the current fiscal year.
In other news, CMO Ann Lewnes sold 5,000 shares of the business’s stock in a transaction on 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 transaction, the chief marketing officer now owns 44,874 shares of the company’s stock, valued at approximately $19,568,653.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Bryan Lamkin sold 13,095 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $477.15, for a total transaction of $6,248,279.25. Following the completion of the sale, the executive vice president now owns 84,774 shares of the company’s stock, valued at approximately $40,449,914.10. The disclosure for this sale can be found here. Insiders sold a total of 87,383 shares of company stock worth $39,265,514 over the last quarter. 0.31% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Lloyd Advisory Services LLC. increased its stake in Adobe by 256.5% during the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after purchasing an additional 59 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Adobe in the second quarter valued at approximately $30,000. Harvest Group Wealth Management LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $30,000. Cedar Mountain Advisors LLC increased its position in shares of Adobe by 81.0% during the second quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock worth $33,000 after acquiring an additional 34 shares in the last quarter. Finally, Rockbridge Investment Management LCC bought a new stake in Adobe in the 2nd quarter valued at $36,000. 84.03% of the stock is currently owned by institutional investors.
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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