Barclays Boosts Adobe (NASDAQ:ADBE) Price Target to $675.00

Adobe (NASDAQ:ADBE) had its price target hoisted by Barclays from $650.00 to $675.00 in a report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the software company’s stock.

Several other equities analysts have also commented on the company. Melius Research reiterated a hold rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Royal Bank of Canada reissued an outperform rating and set a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. JMP Securities reissued a market perform rating on shares of Adobe in a research report on Friday, June 14th. Stifel Nicolaus lowered their price target on Adobe from $625.00 to $600.00 and set a buy rating for the company in a research report on Friday, June 7th. Finally, JPMorgan Chase & Co. raised Adobe from a neutral rating to an overweight rating and boosted their price target for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of Moderate Buy and a consensus target price of $605.52.

Adobe Stock Performance

Adobe stock opened at $563.41 on Wednesday. The firm has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The stock has a fifty day moving average price of $553.72 and a 200 day moving average price of $519.22. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.04 earnings per share. Equities research analysts anticipate that Adobe will post 14.69 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 over the last quarter. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $35,655,000. Coronation Fund Managers Ltd. increased its position in Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after acquiring an additional 2,521 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Adobe in the 2nd quarter valued at approximately $43,000. Clearbridge Investments LLC increased its position in Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after acquiring an additional 15,685 shares during the period. Finally, New Wave Wealth Advisors LLC acquired a new stake in Adobe in the 2nd quarter valued at approximately $313,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.