Adobe (NASDAQ:ADBE) PT Raised to $650.00

Adobe (NASDAQ:ADBE) had its target price hoisted by equities researchers at Piper Sandler from $572.00 to $650.00 in a research note issued to investors on Friday, MarketBeat Ratings reports. The brokerage currently has an “overweight” rating on the software company’s stock. Piper Sandler’s price objective points to a potential upside of 22.90% from the company’s current price.

Several other brokerages also recently commented on ADBE. Deutsche Bank Aktiengesellschaft lifted their target price on Adobe from $500.00 to $550.00 in a research note on Friday, June 16th. Citigroup boosted their price target on Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a research note on Wednesday. StockNews.com initiated coverage on Adobe in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Argus boosted their price target on Adobe from $410.00 to $565.00 in a research note on Wednesday, June 21st. Finally, TheStreet upgraded Adobe from a “c+” rating to a “b-” rating in a research note on Wednesday, June 21st. Nine research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $586.38.

Adobe Stock Down 4.2 %

NASDAQ:ADBE opened at $528.89 on Friday. The firm has a market capitalization of $241.07 billion, a price-to-earnings ratio of 50.47, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33. Adobe has a twelve month low of $274.73 and a twelve month high of $570.24. The stock’s 50 day moving average price is $530.08 and its two-hundred day moving average price is $442.94. 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 (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping the consensus estimate of $3.98 by $0.11. The firm had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.63 EPS. Equities research analysts expect that Adobe will post 12.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently made changes to their positions in the stock. NewSquare Capital LLC boosted its position in shares of Adobe by 278.9% during the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after purchasing an additional 53 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $29,000. Financial Management Professionals Inc. boosted its position in shares of Adobe by 171.0% during the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after purchasing an additional 53 shares in the last quarter. Fiduciary Alliance LLC bought a new stake in shares of Adobe during the 2nd quarter valued at about $32,000. Finally, Independence Bank of Kentucky boosted its position in shares of Adobe by 209.1% during the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after purchasing an additional 46 shares in the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

Adobe Company Profile

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.