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

Adobe (NASDAQ:ADBE) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

Several other equities research analysts also recently issued reports on ADBE. Oppenheimer restated an “outperform” rating and set a $580.00 price objective on shares of Adobe in a research report on Friday, June 14th. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Citigroup decreased their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. 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. Finally, Sanford C. Bernstein increased their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Up 2.7 %

Shares of NASDAQ:ADBE traded up $14.37 during midday trading on Thursday, reaching $554.16. 2,181,304 shares of the company were exchanged, compared to its average volume of 3,316,057. The firm has a market cap of $245.71 billion, a PE ratio of 49.79, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a fifty day simple moving average of $535.51 and a two-hundred day simple moving average of $524.19. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm 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 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.04 EPS. As a group, sell-side analysts forecast that Adobe will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now directly 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 SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on 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 sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last ninety days. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of ADBE. International Assets Investment Management LLC bought a new position in shares of Adobe in the 4th quarter worth about $1,468,000. Sfmg LLC boosted its position in shares of Adobe by 3.5% in the 4th quarter. Sfmg LLC now owns 680 shares of the software company’s stock worth $406,000 after purchasing an additional 23 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after buying an additional 41,164 shares during the last quarter. Dock Street Asset Management Inc. increased its position in Adobe by 1.4% during the 4th quarter. Dock Street Asset Management Inc. now owns 28,658 shares of the software company’s stock valued at $17,097,000 after buying an additional 402 shares in the last quarter. Finally, Delta Financial Advisors LLC raised its stake in Adobe by 25.7% during the fourth quarter. Delta Financial Advisors LLC now owns 1,115 shares of the software company’s stock valued at $665,000 after buying an additional 228 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.