Adobe (NASDAQ:ADBE) Raised to “Sector Weight” at KeyCorp

Adobe (NASDAQ:ADBE) was upgraded by KeyCorp from an “underweight” rating to a “sector weight” rating in a research note issued on Friday, Marketbeat reports.

ADBE has been the subject of several other research reports. Jefferies Financial Group decreased their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada restated an “outperform” rating and issued a $530.00 price target on shares of Adobe in a research note on Wednesday. Redburn Atlantic started coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, Citigroup decreased their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday, March 10th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $538.80.

Adobe Stock Down 0.6 %

Shares of NASDAQ:ADBE opened at $387.26 on Friday. The stock has a fifty day simple moving average of $434.16 and a two-hundred day simple moving average of $475.80. The stock has a market capitalization of $168.62 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a 12-month low of $374.50 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. On average, research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David A. Ricks bought 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH raised its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Legacy Investment Solutions LLC purchased a new stake in Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment raised its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. SWAN Capital LLC purchased a new stake in Adobe during the fourth quarter valued at approximately $28,000. Finally, Copia Wealth Management purchased a new stake in Adobe during the fourth quarter valued at approximately $28,000. 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.