Adobe (NASDAQ:ADBE) Rating Increased to Buy at StockNews.com

Adobe (NASDAQ:ADBE) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

Several other equities research analysts have also recently weighed in on ADBE. KeyCorp upped their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday. TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Citigroup increased their target price on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday. Finally, Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $608.83.

Adobe Price Performance

NASDAQ:ADBE opened at $536.87 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The firm’s fifty day moving average price is $553.76 and its two-hundred day moving average price is $519.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. Equities analysts expect that Adobe will post 14.69 earnings per share for the current year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on 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 owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of large investors have recently modified their holdings of the company. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Onyx Bridge Wealth Group LLC lifted its stake in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank lifted its stake in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC lifted its stake in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares in the last quarter. Finally, Visionary Wealth Advisors lifted its stake in Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.