Adobe Inc. (NASDAQ:ADBE) Receives Consensus Rating of “Moderate Buy” from Analysts

by · The Cerbat Gem

Shares of Adobe Inc. (NASDAQ:ADBE – Get Free Report) have received an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are presently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, seventeen have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $606.40.

ADBE has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. BMO Capital Markets boosted their price target on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th.

Read Our Latest Stock Report on ADBE

Adobe Price Performance

Adobe stock opened at $507.22 on Tuesday. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $541.74 and a 200-day simple moving average of $516.28. The stock has a market cap of $224.90 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts expect that Adobe will post 14.79 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Steph & Co. grew its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Anchor Investment Management LLC raised its position in shares of Adobe by 9.8% during the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after purchasing an additional 1,430 shares during the last quarter. Choreo LLC raised its position in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares during the last quarter. Finally, Fairscale Capital LLC purchased a new stake in Adobe in the 2nd quarter valued at approximately $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

(Get Free Report

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.

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