Adobe (NASDAQ:ADBE) Raised to Sector Weight at KeyCorp

Adobe (NASDAQ:ADBE) was upgraded by stock analysts at KeyCorp from an “underweight” rating to a “sector weight” rating in a research note issued on Friday, MarketBeat reports.

Other research analysts have also recently issued research reports about the company. Citigroup dropped their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Robert W. Baird dropped their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Trading Down 0.6 %

Shares of NASDAQ ADBE opened at $387.26 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The business’s 50 day moving average price is $434.16 and its 200-day moving average price is $475.80. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a market cap of $168.62 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 3,819 shares of the firm’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 completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment raised its stake in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the last quarter. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at about $28,000. Finally, Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 81.79% 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.