Adobe (NASDAQ:ADBE) Upgraded at KeyCorp

KeyCorp upgraded shares of Adobe (NASDAQ:ADBE) from an underweight rating to a sector weight rating in a report published on Friday, MarketBeat Ratings reports.

Several other research firms also recently commented on ADBE. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Barclays lowered their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein lowered their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group set a $495.00 price target on Adobe in a report on Thursday, March 13th. Finally, Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a report on Friday, March 7th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Trading Down 0.6 %

Adobe stock opened at $387.26 on Friday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The business’s fifty day simple moving average is $434.16 and its two-hundred day simple moving average is $475.10. Adobe has a 12 month low of $374.50 and a 12 month high of $587.75. The company has a market capitalization of $168.62 billion, a price-to-earnings ratio of 31.23, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS 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 business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 earnings per share. As a group, equities analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently modified their holdings of ADBE. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment boosted its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management purchased a new position in Adobe during the 4th quarter valued at $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.