BMO Capital Markets Raises Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE) had its target price increased by analysts at BMO Capital Markets from $580.00 to $600.00 in a report issued on Friday, Marketbeat Ratings reports. The firm currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price target points to a potential upside of 8.51% from the stock’s current price.

Several other analysts also recently issued reports on ADBE. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $602.08.

Adobe Price Performance

Shares of ADBE opened at $552.96 on Friday. The company’s 50-day moving average is $504.20 and its 200-day moving average is $521.94. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a market capitalization of $243.41 billion, a PE ratio of 46.70, a PEG ratio of 2.45 and a beta of 1.29. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm earned $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe will post 14.82 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock worth $17,736,369 over the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently bought and sold shares of ADBE. Oddo BHF Asset Management Sas acquired a new position in Adobe during the 3rd quarter worth about $14,622,000. Inspire Trust Co. N.A. raised its position in shares of Adobe by 9.1% during the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after acquiring an additional 475 shares during the last quarter. American Trust acquired a new position in shares of Adobe in the third quarter worth approximately $1,057,000. Franklin Resources Inc. boosted its holdings in Adobe by 7.3% in the third quarter. Franklin Resources Inc. now owns 2,424,024 shares of the software company’s stock valued at $1,235,157,000 after acquiring an additional 163,983 shares during the last quarter. Finally, Peapack Gladstone Financial Corp increased its position in Adobe by 14.6% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 39,805 shares of the software company’s stock valued at $20,611,000 after purchasing an additional 5,080 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.