Adobe (NASDAQ:ADBE) PT Raised to $650.00 at Barclays

Adobe (NASDAQ:ADBE) had its target price boosted by Barclays from $630.00 to $650.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the software company’s stock.

Several other equities research analysts also recently commented on the company. Royal Bank of Canada reissued an outperform rating and issued a $600.00 price objective on shares of Adobe in a report on Friday. Bank of America cut their price target on Adobe from $700.00 to $640.00 and set a buy rating for the company in a report on Friday, March 15th. KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the company an underweight rating in a report on Friday. StockNews.com downgraded Adobe from a buy rating to a hold rating in a report on Wednesday, June 12th. Finally, JPMorgan Chase & Co. raised Adobe from a neutral rating to an overweight rating and raised their price target for the company from $570.00 to $580.00 in a report on Friday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $605.17.

Adobe Trading Up 14.5 %

NASDAQ ADBE opened at $525.31 on Friday. The company has a market cap of $235.34 billion, a PE ratio of 47.20, a PEG ratio of 2.84 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a 50 day moving average of $474.63 and a 200-day moving average of $540.09.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 39.98% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 EPS. On average, equities research analysts anticipate that Adobe will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares during the period. Morgan Stanley lifted its stake in shares of Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 17.6% in the first 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 in the last quarter. Norges Bank bought a new stake in Adobe in the fourth quarter worth approximately $3,277,785,000. Finally, Northern Trust Corp increased its holdings in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.