KeyCorp Boosts Adobe (NASDAQ:ADBE) Price Target to $450.00

Adobe (NASDAQ:ADBE) had its target price raised by KeyCorp from $445.00 to $450.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has an underweight rating on the software company’s stock.

Other equities research analysts also recently issued reports about the stock. Mizuho reaffirmed a buy rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Melius downgraded shares of Adobe from a buy rating to a hold rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. UBS Group decreased their price target on shares of Adobe from $600.00 to $540.00 and set a neutral rating on the stock in a research note on Friday, March 15th. DA Davidson reissued a buy rating and set a $685.00 price target on shares of Adobe in a research note on Thursday, March 28th. Finally, Stifel Nicolaus decreased their price target on shares of Adobe from $625.00 to $600.00 and set a buy rating on the stock in a research note on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $607.67.

Adobe Trading Down 1.3 %

Shares of ADBE opened at $518.74 on Friday. The firm’s 50 day simple moving average is $475.32 and its 200 day simple moving average is $539.44. The company has a market capitalization of $232.40 billion, a P/E ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same period last year, the firm posted $3.04 earnings per share. Sell-side analysts forecast that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,006 shares of company stock valued at $1,424,432. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of ADBE. Kestra Advisory Services LLC grew its stake in shares of Adobe by 1.1% during the 3rd quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock valued at $13,718,000 after purchasing an additional 284 shares during the period. QRG Capital Management Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $32,616,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Adobe during the 3rd quarter valued at approximately $18,420,000. Envestnet Asset Management Inc. grew its stake in shares of Adobe by 20.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,030,053 shares of the software company’s stock valued at $525,224,000 after acquiring an additional 176,330 shares during the period. Finally, TRUE Private Wealth Advisors grew its stake in shares of Adobe by 39.9% during the 3rd quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after acquiring an additional 240 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

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.