Adobe (NASDAQ:ADBE) Price Target Raised to $625.00 at Oppenheimer

Adobe (NASDAQ:ADBE) had its price target raised by Oppenheimer from $580.00 to $625.00 in a research note published on Wednesday, MarketBeat reports. Oppenheimer currently has an outperform rating on the software company’s stock.

ADBE has been the subject of several other reports. Piper Sandler Companies reiterated an overweight rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Melius downgraded shares of Adobe from a buy rating to a hold rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Mizuho restated a buy rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Wells Fargo & Company raised their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a research report on Friday, June 14th. Finally, Stifel Nicolaus cut their price objective on shares of Adobe from $625.00 to $600.00 and set a buy rating for the company in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Adobe has an average rating of Moderate Buy and an average target price of $605.52.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $563.41 on Wednesday. The stock has a market capitalization of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The business has a 50-day moving average of $553.72 and a 200-day moving average of $519.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter last year, the company earned $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. International Assets Investment Management LLC purchased a new position in Adobe in the fourth quarter valued at about $1,468,000. Concentrum Wealth Management boosted its stake in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC boosted its stake in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares during the last quarter. Finally, Wealthspire Advisors LLC lifted its stake in shares of Adobe by 27.6% during the 4th quarter. Wealthspire Advisors LLC now owns 5,546 shares of the software company’s stock valued at $3,309,000 after buying an additional 1,200 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other 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.