Adobe (NASDAQ:ADBE) Shares Up 0.6% After Analyst Upgrade

Adobe Inc. (NASDAQ:ADBEGet Free Report) traded up 0.6% on Tuesday after Sanford C. Bernstein raised their price target on the stock from $653.00 to $660.00. Sanford C. Bernstein currently has an outperform rating on the stock. Adobe traded as high as $530.37 and last traded at $521.80. 1,647,554 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 3,514,343 shares. The stock had previously closed at $518.74.

Other analysts also recently issued research reports about the company. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, June 12th. Citigroup cut their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a report on Friday. Stifel Nicolaus cut their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Finally, HSBC dropped their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $607.67.

View Our Latest Analysis on Adobe

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently modified their holdings of ADBE. Barlow Wealth Partners Inc. acquired a new position in shares of Adobe in the fourth quarter valued at $16,700,000. Federated Hermes Inc. raised its stake in shares of Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC raised its stake in shares of Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after purchasing an additional 184 shares in the last quarter. Vise Technologies Inc. raised its stake in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Finally, Naviter Wealth LLC raised its stake in shares of Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 0.6 %

The business has a 50 day moving average of $475.32 and a 200 day moving average of $539.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The firm has a market capitalization of $233.77 billion, a price-to-earnings ratio of 46.88, a price-to-earnings-growth ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the company posted $3.04 earnings per share. Adobe’s revenue was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 14.55 EPS for the current year.

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

About Adobe

(Get Free Report)

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.

Recommended Stories

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.