Adobe Inc. (NASDAQ:ADBE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Adobe Inc. (NASDAQ:ADBE) have been assigned an average recommendation of “Moderate Buy” from the thirty analysts that are currently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $607.67.

Several analysts recently issued reports on the stock. Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. UBS Group cut their price target on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and issued a $685.00 price target on shares of Adobe in a report on Thursday, March 28th. HSBC cut their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a report on Friday, March 15th. Finally, Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 3,270 shares of company stock valued at $1,563,166 over the last three months. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of the stock. Cypress Asset Management Inc. TX increased its stake in Adobe by 11.1% in the 1st quarter. Cypress Asset Management Inc. TX now owns 8,297 shares of the software company’s stock worth $4,220,000 after purchasing an additional 828 shares in the last quarter. Westwood Holdings Group Inc. grew its stake in Adobe by 117.6% during the 1st quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after acquiring an additional 3,967 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Adobe by 6.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock valued at $392,559,000 after acquiring an additional 47,273 shares in the last quarter. Tactive Advisors LLC purchased a new position in Adobe during the 1st quarter valued at about $1,366,000. Finally, Motiv8 Investments LLC grew its stake in Adobe by 23.7% during the 1st quarter. Motiv8 Investments LLC now owns 998 shares of the software company’s stock valued at $504,000 after acquiring an additional 191 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

Shares of ADBE stock opened at $533.44 on Friday. The company has a market capitalization of $238.98 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 2.73 and a beta of 1.27. The firm has a fifty day simple moving average of $478.58 and a 200-day simple moving average of $537.63. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.04 earnings per share. Equities research analysts anticipate that Adobe will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its board has initiated a share repurchase program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.