Wall Street Zen Upgrades Adobe (NASDAQ:ADBE) to Buy

Adobe (NASDAQ:ADBE) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Saturday.

Other research analysts have also issued reports about the stock. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. UBS Group lifted their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday, June 9th. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $473.88.

Adobe Stock Down 0.3%

Adobe stock opened at $370.74 on Friday. Adobe has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The firm’s fifty day moving average price is $391.01 and its two-hundred day moving average price is $400.84. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the firm earned $4.48 earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. Brighton Jones LLC lifted its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its holdings in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after acquiring an additional 756 shares during the last quarter. GHE LLC lifted its holdings in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after acquiring an additional 670 shares during the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $1,158,000. Finally, RiverFront Investment Group LLC lifted its holdings in shares of Adobe by 63.2% in the 4th quarter. RiverFront Investment Group LLC now owns 764 shares of the software company’s stock worth $340,000 after acquiring an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 81.79% 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.