Adobe (NASDAQ:ADBE) Receives “Buy” Rating from DA Davidson

DA Davidson reaffirmed their buy rating on shares of Adobe (NASDAQ:ADBE) in a research report released on Friday,Benzinga reports. The brokerage currently has a $500.00 price target on the software company’s stock.

Other analysts have also recently issued research reports about the stock. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. BMO Capital Markets reissued an “outperform” rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Morgan Stanley decreased their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Evercore ISI restated an “outperform” rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Adobe Stock Performance

Shares of ADBE opened at $376.92 on Friday. Adobe has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a fifty day simple moving average of $389.67 and a 200 day simple moving average of $417.18. The stock has a market capitalization of $160.64 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Arizona State Retirement System raised its position in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe during the fourth quarter valued at approximately $1,173,000. Sound Income Strategies LLC raised its position in Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock valued at $118,000 after acquiring an additional 46 shares in the last quarter. Horan Capital Advisors LLC. raised its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after acquiring an additional 114 shares in the last quarter. Finally, Proficio Capital Partners LLC raised its position in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock valued at $1,043,000 after acquiring an additional 1,083 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.