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

Adobe Inc. (NASDAQ:ADBE) has been given a consensus rating of “Moderate Buy” by the twenty-nine research firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, sixteen have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $570.88.

Several research firms recently weighed in on ADBE. BMO Capital Markets reduced their target price on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Finally, TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their price target for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock worth $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently bought and sold shares of ADBE. Swedbank AB lifted its stake in shares of Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. MONECO Advisors LLC lifted its stake in shares of Adobe by 11.3% during the third quarter. MONECO Advisors LLC now owns 730 shares of the software company’s stock valued at $378,000 after acquiring an additional 74 shares during the period. Highline Wealth Partners LLC acquired a new position in shares of Adobe during the third quarter valued at $38,000. JFS Wealth Advisors LLC lifted its stake in shares of Adobe by 586.4% during the third quarter. JFS Wealth Advisors LLC now owns 1,057 shares of the software company’s stock valued at $547,000 after acquiring an additional 903 shares during the period. Finally, Tandem Capital Management Corp ADV acquired a new position in shares of Adobe during the third quarter valued at $858,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 1.0 %

Shares of Adobe stock opened at $437.19 on Friday. The firm has a market cap of $190.31 billion, a price-to-earnings ratio of 35.26, a P/E/G ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a 52-week low of $403.75 and a 52-week high of $587.75. The stock has a 50-day simple moving average of $439.88 and a 200-day simple moving average of $491.88.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period in the previous year, the company earned $3.52 EPS. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities research analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

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.