Adobe (NASDAQ:ADBE) Sets New 1-Year High After Analyst Upgrade

Adobe Inc. (NASDAQ:ADBE) shares reached a new 52-week high during mid-day trading on Friday after TD Cowen raised their price target on the stock from $575.00 to $600.00. TD Cowen currently has an outperform rating on the stock. Adobe traded as high as $570.24 and last traded at $565.38, with a volume of 338228 shares changing hands. The stock had previously closed at $560.46.

ADBE has been the topic of several other reports. Evercore ISI upped their target price on Adobe from $425.00 to $475.00 in a research report on Monday, June 12th. Robert W. Baird upped their target price on Adobe from $370.00 to $500.00 in a research report on Friday, June 16th. Piper Jaffray Companies upped their target price on Adobe from $500.00 to $572.00 and gave the company an “overweight” rating in a research report on Friday, June 16th. Mizuho raised Adobe from a “neutral” rating to a “buy” rating and increased their price objective for the company from $520.00 to $630.00 in a report on Friday. Finally, The Goldman Sachs Group increased their price objective on Adobe from $480.00 to $550.00 in a report on Friday, June 16th. Ten investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $532.57.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock worth $20,720,115 over the last 90 days. Corporate insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Graham Capital Wealth Management LLC acquired a new stake in Adobe during the first quarter worth approximately $204,246,000. Fiduciary Alliance LLC purchased a new position in shares of Adobe in the 2nd quarter valued at $32,000. Independence Bank of Kentucky raised its stake in shares of Adobe by 209.1% in the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after acquiring an additional 46 shares during the period. Glass Jacobson Investment Advisors llc purchased a new position in shares of Adobe in the 2nd quarter valued at $34,000. Finally, NewSquare Capital LLC raised its stake in shares of Adobe by 278.9% in the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares during the period. 80.00% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

The stock’s 50 day moving average price is $523.74 and its 200 day moving average price is $434.78. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. The firm has a market cap of $255.41 billion, a PE ratio of 53.47, a P/E/G ratio of 3.37 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.79 by $0.12. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The firm had revenue of $4.82 billion for the quarter, compared to the consensus estimate of $4.77 billion. During the same quarter in the previous year, the firm posted $2.70 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

About Adobe

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.