Adobe (NASDAQ:ADBE) PT Raised to $605.00

Adobe (NASDAQ:ADBE) had its price target increased by Evercore ISI from $590.00 to $605.00 in a research note issued to investors on Friday, Marketbeat.com reports. They currently have an outperform rating on the software company’s stock.

Several other analysts have also recently weighed in on ADBE. Piper Sandler lifted their price target on shares of Adobe from $572.00 to $650.00 and gave the company an overweight rating in a report on Friday. The Goldman Sachs Group lifted their price target on shares of Adobe from $480.00 to $550.00 in a report on Friday, June 16th. Jefferies Financial Group lifted their price target on shares of Adobe from $600.00 to $660.00 and gave the company a buy rating in a report on Monday, September 11th. Wells Fargo & Company boosted their target price on shares of Adobe from $600.00 to $625.00 and gave the company an overweight rating in a report on Tuesday, September 12th. Finally, BMO Capital Markets boosted their target price on shares of Adobe from $600.00 to $640.00 and gave the company an outperform rating in a report on Tuesday, September 12th. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $586.38.

Adobe Stock Up 0.7 %

Shares of NASDAQ ADBE 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 52 week low of $274.73 and a 52 week high of $570.24. The firm’s fifty day moving average is $530.08 and its 200 day moving average is $443.78. The company has a market cap of $242.68 billion, a price-to-earnings ratio of 47.92, a PEG ratio of 3.31 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 38.66%. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.63 earnings per share. On average, equities research analysts expect that Adobe will post 12.56 earnings per share for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John E. Warnock sold 3,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The shares were sold at an average price of $481.41, for a total transaction of $1,444,230.00. Following the completion of the sale, the director now owns 372,965 shares of the company’s stock, valued at approximately $179,549,080.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock valued at $20,720,115 in the last quarter. 0.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ilmarinen Mutual Pension Insurance Co increased its holdings in Adobe by 11.1% in the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after acquiring an additional 5,000 shares in the last quarter. Vident Investment Advisory LLC grew its holdings in Adobe by 585.8% during the 4th quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock valued at $23,624,000 after buying an additional 59,962 shares in the last quarter. Geo Capital Gestora de Recursos Ltd grew its holdings in Adobe by 8.5% during the 1st quarter. Geo Capital Gestora de Recursos Ltd now owns 10,433 shares of the software company’s stock valued at $4,021,000 after buying an additional 813 shares in the last quarter. Abacus Planning Group Inc. purchased a new stake in Adobe during the 2nd quarter valued at approximately $201,000. Finally, Raleigh Capital Management Inc. grew its holdings in Adobe by 19.3% during the 1st quarter. Raleigh Capital Management Inc. now owns 507 shares of the software company’s stock valued at $195,000 after buying an additional 82 shares in the last quarter. 80.00% of the stock is 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.