Adobe (NASDAQ:ADBE) Price Target Raised to $600.00

Adobe (NASDAQ:ADBE) had its price objective increased by Stifel Nicolaus from $550.00 to $600.00 in a report released on Friday, Marketbeat.com reports. They currently have a buy rating on the software company’s stock.

ADBE has been the subject of a number of other reports. Mizuho raised Adobe from a neutral rating to a buy rating and boosted their target price for the company from $520.00 to $630.00 in a research note on Friday, September 8th. TheStreet raised Adobe from a c+ rating to a b- rating in a research note on Wednesday, June 21st. TD Cowen boosted their target price on Adobe from $575.00 to $600.00 and gave the company an outperform rating in a research note on Friday, September 8th. StockNews.com initiated coverage on Adobe in a research note on Thursday, August 17th. They issued a buy rating for the company. Finally, Jefferies Financial Group upped their price objective on Adobe from $600.00 to $660.00 and gave the stock a buy rating in a research report on Monday, September 11th. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $586.38.

Adobe Stock Up 0.7 %

Shares of Adobe stock opened at $532.42 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.24. Adobe has a 12 month low of $274.73 and a 12 month high of $570.24. The business has a fifty day simple moving average of $530.08 and a 200 day simple moving average of $443.78. The stock has a market cap of $242.68 billion, a PE ratio of 47.92, a price-to-earnings-growth ratio of 3.31 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 38.66% and a net margin of 27.11%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period in the previous year, the firm earned $2.63 earnings per share. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. Research analysts predict that Adobe will post 12.56 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the sale, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Dana Rao sold 2,600 shares of the stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares in the company, valued at $8,387,347.86. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 over the last 90 days. Company insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of large investors have recently made changes to their positions in ADBE. Bank Julius Baer & Co. Ltd Zurich grew its position in Adobe by 98,757.4% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock worth $240,236,160,000 after buying an additional 490,793,569 shares in the last quarter. Norges Bank acquired a new stake in Adobe during the fourth quarter worth approximately $1,757,029,000. Capital Research Global Investors grew its position in Adobe by 4,186.1% during the second quarter. Capital Research Global Investors now owns 3,859,163 shares of the software company’s stock worth $1,887,092,000 after buying an additional 3,769,125 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after buying an additional 3,245,427 shares in the last quarter. Finally, Morgan Stanley grew its position in Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after buying an additional 1,471,861 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.

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.