Adobe (NASDAQ:ADBE) Given New $640.00 Price Target at BMO Capital Markets

Adobe (NASDAQ:ADBE) had its target price raised by BMO Capital Markets from $600.00 to $640.00 in a report published on Tuesday morning, Marketbeat.com reports. BMO Capital Markets currently has an outperform rating on the software company’s stock.

A number of other analysts also recently issued reports on the stock. TD Cowen lifted their price objective on shares of Adobe from $575.00 to $600.00 and gave the stock an outperform rating in a report on Friday, September 8th. Piper Sandler lifted their price objective on shares of Adobe from $500.00 to $572.00 in a report on Friday, June 16th. Jefferies Financial Group lifted their price objective on shares of Adobe from $600.00 to $660.00 and gave the stock a buy rating in a report on Monday. The Goldman Sachs Group lifted their target price on shares of Adobe from $480.00 to $550.00 in a research report on Friday, June 16th. Finally, Wells Fargo & Company lifted their target price on shares of Adobe from $600.00 to $625.00 and gave the stock an overweight rating in a research report on Tuesday. Ten analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus target price of $540.61.

Adobe Stock Down 3.9 %

Shares of NASDAQ:ADBE opened at $542.21 on Tuesday. The firm has a fifty day moving average price of $526.47 and a two-hundred day moving average price of $439.10. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a one year low of $274.73 and a one year high of $570.24. The company has a market cap of $247.14 billion, a price-to-earnings ratio of 51.74, a PEG ratio of 3.36 and a beta of 1.33.

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

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of the business’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 transaction, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the sale, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the sale, the chief executive officer now directly owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 over the last 90 days. 0.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Graham Capital Wealth Management LLC purchased a new position in shares of Adobe in the first quarter valued at about $204,246,000. Fiduciary Alliance LLC purchased a new position in shares of Adobe in the second quarter valued at about $32,000. Independence Bank of Kentucky lifted its position in shares of Adobe by 209.1% in the second 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 in the last quarter. Glass Jacobson Investment Advisors llc purchased a new position in shares of Adobe in the second quarter valued at about $34,000. Finally, NewSquare Capital LLC lifted its position in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.

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.