Adobe (NASDAQ:ADBE) PT Raised to $625.00

Adobe (NASDAQ:ADBE) had its target price lifted by The Goldman Sachs Group from $550.00 to $625.00 in a research note released on Friday morning, MarketBeat reports. They currently have a buy rating on the software company’s stock.

A number of other brokerages have also recently weighed in on ADBE. Citigroup raised their price target on Adobe from $544.00 to $570.00 and gave the company a neutral rating in a research report on Wednesday, September 13th. Jefferies Financial Group boosted their price target on Adobe from $600.00 to $660.00 and gave the stock a buy rating in a research report on Monday, September 11th. Royal Bank of Canada reiterated an outperform rating and issued a $615.00 price target on shares of Adobe in a report on Friday. UBS Group boosted their price objective on Adobe from $525.00 to $600.00 and gave the company a neutral rating in a research report on Wednesday, September 6th. Finally, Atlantic Securities boosted their price objective on Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $586.38.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $532.42 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $242.68 billion, a P/E ratio of 47.92, a PEG ratio of 3.31 and a beta of 1.33. The firm’s 50-day moving average is $530.08 and its two-hundred day moving average is $443.78. Adobe has a 12 month low of $274.73 and a 12 month high of $570.24.

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

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 298 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now 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 have sold a total of 43,089 shares of company stock valued at $20,720,115 in the last 90 days. 0.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently modified their holdings of the company. NewSquare Capital LLC boosted its holdings in Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after purchasing an additional 53 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the 4th quarter worth $29,000. Financial Management Professionals Inc. lifted its stake in Adobe by 171.0% in the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after purchasing an additional 53 shares in the last quarter. Fiduciary Alliance LLC purchased a new stake in Adobe in the 2nd quarter worth $32,000. Finally, Independence Bank of Kentucky increased its holdings in shares of Adobe by 209.1% in the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after buying an additional 46 shares during the last quarter. 80.00% of the stock is 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.