Adobe (NASDAQ:ADBE) PT Raised to $375.00 at Mizuho

Adobe (NASDAQ:ADBE – Get Rating) had its price objective hoisted by stock analysts at Mizuho from $370.00 to $375.00 in a research report issued on Thursday, The Fly reports. Mizuho’s price objective would suggest a potential upside of 4.71% from the stock’s previous close.

ADBE has been the topic of several other reports. Piper Sandler increased their target price on shares of Adobe from $380.00 to $415.00 and gave the stock an “overweight” rating in a report on Monday, January 9th. Citigroup increased their price objective on shares of Adobe from $337.00 to $355.00 and gave the company a “neutral” rating in a research report on Monday, December 19th. DA Davidson initiated coverage on shares of Adobe in a research report on Tuesday, January 17th. They set a “neutral” rating and a $350.00 price target for the company. BMO Capital Markets lifted their target price on shares of Adobe from $395.00 to $400.00 and gave the company a “market perform” rating in a report on Thursday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Adobe from $365.00 to $380.00 and gave the company a “neutral” rating in a research note on Thursday. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Hold” and a consensus target price of $415.70.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $358.14 on Thursday. The firm has a market cap of $164.24 billion, a price-to-earnings ratio of 35.46, a P/E/G ratio of 2.08 and a beta of 1.27. The firm has a fifty day moving average price of $353.24 and a 200 day moving average price of $334.18. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a fifty-two week low of $274.73 and a fifty-two week high of $473.49.

Adobe (NASDAQ:ADBE – Get Rating) last announced its earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.12. The business had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.62 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The business’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.84 earnings per share. As a group, sell-side analysts expect that Adobe will post 12.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 209 shares of the stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total transaction of $74,282.78. Following the sale, the chief accounting officer now directly owns 3,479 shares in the company, valued at approximately $1,236,506.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 209 shares of the stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $74,282.78. Following the transaction, the chief accounting officer now directly owns 3,479 shares in the company, valued at approximately $1,236,506.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dana Rao sold 5,018 shares of the firm’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total value of $1,690,714.74. Following the completion of the transaction, the executive vice president now owns 14,832 shares in the company, valued at $4,997,345.76. The disclosure for this sale can be found here. Insiders sold a total of 26,265 shares of company stock valued at $9,067,344 in the last quarter. Corporate insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Adobe during the fourth quarter worth $1,757,029,000. Moneta Group Investment Advisors LLC raised its holdings in shares of Adobe by 115,991.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares during the last quarter. Morgan Stanley lifted its position in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after buying an additional 1,471,861 shares in the last quarter. Public Investment Fund bought a new stake in Adobe during the second quarter worth $419,981,000. Finally, Nordea Investment Management AB lifted its holdings in Adobe by 77.9% during the fourth quarter. Nordea Investment Management AB now owns 1,675,704 shares of the software company’s stock worth $560,892,000 after acquiring an additional 733,598 shares during the period. 79.36% of the stock is currently owned by institutional investors and hedge funds.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.