Adobe (NASDAQ:ADBE) Stock Rating Reaffirmed by Piper Sandler

Adobe (NASDAQ:ADBE)‘s stock had its “overweight” rating restated by equities researchers at Piper Sandler in a report released on Friday, Benzinga reports. They currently have a $635.00 price objective on the software company’s stock. Piper Sandler’s price target suggests a potential upside of 18.28% from the stock’s previous close.

Several other research analysts have also recently issued reports on the company. Wells Fargo & Company raised their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Robert W. Baird increased their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Finally, Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $608.83.

Adobe Trading Down 8.5 %

Adobe stock opened at $536.87 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The stock has a market cap of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50-day moving average of $553.76 and a two-hundred day moving average of $519.96.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.26 EPS. On average, research analysts anticipate that Adobe will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC raised its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC raised its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in shares of Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.