Adobe (NASDAQ:ADBE) PT Raised to $630.00

Adobe (NASDAQ:ADBE) had its price target upped by TD Cowen from $600.00 to $630.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the software company’s stock. TD Cowen’s price objective indicates a potential upside of 19.12% from the stock’s current price.

Several other research analysts also recently weighed in on ADBE. Piper Sandler upped their price objective on shares of Adobe from $572.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. Atlantic Securities upped their price objective on shares of Adobe from $420.00 to $580.00 in a report on Friday, June 16th. Evercore ISI upped their price objective on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Piper Jaffray Companies upped their price objective on shares of Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a report on Friday, June 16th. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $586.38.

Adobe Stock Down 4.2 %

Adobe stock opened at $528.89 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. Adobe has a 12-month low of $274.73 and a 12-month high of $570.24. The firm’s fifty day moving average is $530.08 and its 200 day moving average is $442.94. The company has a market capitalization of $241.07 billion, a PE ratio of 50.47, a PEG ratio of 3.32 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the previous year, the company earned $2.63 EPS. Adobe’s quarterly revenue was up 10.3% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe will post 12.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the 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 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the 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 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dana Rao sold 2,600 shares of the stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock worth $20,720,115 over the last quarter. 0.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. NewSquare Capital LLC lifted its holdings in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC purchased a new stake in shares of Adobe in the fourth quarter worth about $29,000. Financial Management Professionals Inc. lifted its holdings in shares of Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after buying an additional 53 shares in the last quarter. Fiduciary Alliance LLC purchased a new stake in shares of Adobe in the second quarter worth about $32,000. Finally, Independence Bank of Kentucky lifted its holdings 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 worth $33,000 after buying an additional 46 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.