Adobe (NASDAQ:ADBE) Price Target Raised to $450.00

Adobe (NASDAQ:ADBE) had its target price increased by equities research analysts at KeyCorp from $445.00 to $450.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “underweight” rating on the software company’s stock. KeyCorp’s price target indicates a potential downside of 1.91% from the company’s previous close.

Several other research firms have also recently issued reports on ADBE. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $570.00 to $580.00 in a research note on Friday. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. TD Cowen decreased their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday. Finally, Citigroup cut their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $602.10.

Adobe Stock Down 0.2 %

ADBE stock opened at $458.74 on Friday. The business has a 50 day moving average of $473.83 and a 200 day moving average of $541.85. The firm has a market cap of $205.52 billion, a PE ratio of 43.86, a price-to-earnings-growth ratio of 2.49 and a beta of 1.27. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.04 EPS. On average, research analysts forecast that Adobe will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total transaction of $45,435.77. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,933,596.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 over the last three months. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP raised its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in Adobe in the fourth quarter worth about $875,592,000. Swedbank AB purchased a new stake in shares of Adobe during the first quarter worth about $621,179,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. 81.79% of the stock is owned by 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.