StockNews.com Upgrades Adobe (NASDAQ:ADBE) to Buy

Adobe (NASDAQ:ADBE) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

A number of other research analysts have also commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday. Finally, TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $608.83.

Adobe Stock Performance

Shares of ADBE traded down $49.68 during trading hours on Friday, reaching $536.87. 10,417,080 shares of the company traded hands, compared to its average volume of 3,212,712. The stock’s fifty day moving average is $553.76 and its 200 day moving average is $520.19. The stock has a market cap of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 earnings per share. Equities research analysts anticipate that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in shares of Adobe during the 2nd quarter valued at about $35,655,000. Coronation Fund Managers Ltd. grew its stake in shares of Adobe by 124.2% during 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 bought a new position in shares of Adobe during the 2nd quarter valued at approximately $43,000. Clearbridge Investments LLC grew its stake in shares of Adobe by 0.8% during 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 purchased a new position in Adobe in the 2nd quarter worth approximately $313,000. 81.79% of the stock is currently owned by institutional investors.

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.