Adobe Inc. (NASDAQ:ADBE) Receives $606.40 Consensus PT from Brokerages

Adobe Inc. (NASDAQ:ADBE) has been assigned an average rating of “Moderate Buy” from the twenty-seven brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation, seventeen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $606.40.

ADBE has been the subject of several research analyst reports. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, September 13th.

Adobe Price Performance

Shares of ADBE stock opened at $512.15 on Wednesday. The business has a fifty day simple moving average of $503.13 and a 200 day simple moving average of $518.84. The company has a market cap of $225.45 billion, a P/E ratio of 43.26, a P/E/G ratio of 2.57 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.26 earnings per share. On average, sell-side analysts forecast that Adobe will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock valued at $17,736,369 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares during the last quarter. Swedbank AB bought a new stake in Adobe during the first quarter valued at approximately $621,179,000. Longview Partners Guernsey LTD purchased a new stake in Adobe during the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD raised its holdings in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Finally, FMR LLC lifted its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares in the last quarter. 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.