Barclays Increases Adobe (NASDAQ:ADBE) Price Target to $640.00

Adobe (NASDAQ:ADBEGet Free Report) had its target price lifted by analysts at Barclays from $620.00 to $640.00 in a research report issued on Friday, MarketBeat Ratings reports. The firm currently has an “equal weight” rating on the software company’s stock. Barclays‘s price objective suggests a potential upside of 21.01% from the stock’s current price.

ADBE has been the subject of a number of other reports. Piper Jaffray Companies raised their price target on Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a research note on Friday, June 16th. JPMorgan Chase & Co. raised their price objective on Adobe from $490.00 to $530.00 and gave the company a “neutral” rating in a research note on Wednesday. StockNews.com started coverage on Adobe in a research note on Thursday, August 17th. They issued a “buy” rating on the stock. Atlantic Securities raised their price objective on Adobe from $420.00 to $580.00 in a research note on Friday, June 16th. Finally, Robert W. Baird raised their price objective on Adobe from $370.00 to $500.00 in a research note on Friday, June 16th. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $586.38.

Read Our Latest Stock Analysis on Adobe

Adobe Stock Performance

Shares of ADBE opened at $528.89 on Friday. The business’s fifty day moving average price is $530.08 and its 200 day moving average price is $442.94. Adobe has a 12-month low of $274.73 and a 12-month high of $570.24. The stock has a market capitalization of $241.07 billion, a PE ratio of 50.47, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33. 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 (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The company 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 company’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period last year, the company earned $2.63 earnings per share. Equities research analysts forecast that Adobe will post 12.56 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of Adobe 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 transaction, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,135,930.70. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock valued at $20,720,115 in the last three months. Corporate insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich increased its holdings in Adobe by 98,757.4% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock worth $240,236,160,000 after purchasing an additional 490,793,569 shares in the last quarter. State Street Corp increased its holdings in Adobe by 1.2% during the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock worth $9,223,377,000 after purchasing an additional 229,776 shares in the last quarter. Morgan Stanley grew its holdings in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Adobe by 3.2% in the second quarter. Geode Capital Management LLC now owns 9,762,185 shares of the software company’s stock valued at $4,762,147,000 after acquiring an additional 301,062 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at approximately $1,757,029,000. 80.00% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

(Get Free Report)

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.

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