Adobe Inc. (NASDAQ:ADBE) Given Average Rating of “Buy” by Brokerages

Shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) have earned a consensus rating of “Buy” from the twenty-eight brokerages that are covering the company, Marketbeat reports. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $583.79.

Several equities analysts have recently commented on ADBE shares. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $645.00 to $540.00 in a report on Wednesday, March 23rd. Barclays lowered their price target on shares of Adobe from $540.00 to $530.00 in a report on Wednesday, March 23rd. Oppenheimer lowered their price target on shares of Adobe from $660.00 to $560.00 and set an “outperform” rating on the stock in a report on Wednesday, March 23rd. Citigroup lowered their price target on shares of Adobe from $611.00 to $455.00 and set a “neutral” rating on the stock in a report on Friday, March 18th. Finally, BMO Capital Markets assumed coverage on shares of Adobe in a report on Wednesday, March 23rd. They set a “buy” rating and a $535.00 price target on the stock.

Shares of NASDAQ:ADBE opened at $429.76 on Friday. The company’s fifty day moving average is $419.69 and its two-hundred day moving average is $494.51. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.26. Adobe has a 12-month low of $370.27 and a 12-month high of $699.54. The company has a market cap of $203.06 billion, a P/E ratio of 42.68, a price-to-earnings-growth ratio of 2.16 and a beta of 1.08.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the business earned $2.64 EPS. The company’s revenue was up 9.1% on a year-over-year basis. Equities research analysts anticipate that Adobe will post 11.09 earnings per share for the current year.

In related news, CAO Mark S. Garfield sold 463 shares of the stock in a transaction dated Thursday, March 24th. The shares were sold at an average price of $425.79, for a total value of $197,140.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Warnock sold 5,000 shares of the stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the transaction, the director now directly owns 405,165 shares of the company’s stock, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. Insiders have sold 11,538 shares of company stock valued at $4,793,387 in the last ninety days. 0.23% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Clark Capital Management Group Inc. raised its position in Adobe by 0.9% in the third quarter. Clark Capital Management Group Inc. now owns 1,707 shares of the software company’s stock worth $983,000 after purchasing an additional 16 shares in the last quarter. Garde Capital Inc. raised its position in Adobe by 2.7% in the third quarter. Garde Capital Inc. now owns 675 shares of the software company’s stock worth $389,000 after purchasing an additional 18 shares in the last quarter. Bath Savings Trust Co raised its position in Adobe by 0.6% in the fourth quarter. Bath Savings Trust Co now owns 3,102 shares of the software company’s stock worth $1,759,000 after purchasing an additional 20 shares in the last quarter. Eastover Investment Advisors LLC increased its holdings in shares of Adobe by 0.8% during the fourth quarter. Eastover Investment Advisors LLC now owns 2,657 shares of the software company’s stock worth $1,507,000 after buying an additional 20 shares in the last quarter. Finally, Pinnacle Bancorp Inc. increased its holdings in shares of Adobe by 1.5% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,322 shares of the software company’s stock worth $750,000 after buying an additional 20 shares in the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

About Adobe (Get Rating)

Adobe Inc 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.

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