Analysts Set Adobe Inc. (NASDAQ:ADBE) PT at $575.85

Adobe Inc. (NASDAQ:ADBE) has earned an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are currently covering the stock, MarketBeat reports. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $575.85.

A number of analysts have commented on the company. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Royal Bank of Canada reduced their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Finally, BMO Capital Markets cut their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a report on Thursday, December 12th.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,763 shares of company stock worth $893,665 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently made changes to their positions in the company. Quest Partners LLC increased its stake in Adobe by 23.3% during the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 111 shares during the last quarter. Headlands Technologies LLC increased its stake in Adobe by 18.9% during the second quarter. Headlands Technologies LLC now owns 5,512 shares of the software company’s stock worth $3,062,000 after acquiring an additional 878 shares during the last quarter. Angeles Wealth Management LLC increased its stake in Adobe by 27.2% during the second quarter. Angeles Wealth Management LLC now owns 1,818 shares of the software company’s stock worth $1,010,000 after acquiring an additional 389 shares during the last quarter. Blue Square Asset Management LLC increased its stake in Adobe by 35.0% during the second quarter. Blue Square Asset Management LLC now owns 4,768 shares of the software company’s stock worth $2,649,000 after acquiring an additional 1,235 shares during the last quarter. Finally, Greenwood Gearhart Inc. increased its stake in Adobe by 3.5% during the second quarter. Greenwood Gearhart Inc. now owns 18,138 shares of the software company’s stock worth $10,076,000 after acquiring an additional 610 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.6 %

ADBE stock opened at $408.50 on Thursday. Adobe has a twelve month low of $403.75 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market cap of $179.82 billion, a PE ratio of 32.94, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The business has a 50 day moving average of $482.55 and a 200 day moving average of $516.02.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the company earned $3.52 EPS. On average, research analysts forecast that Adobe will post 16.73 EPS for the current fiscal year.

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.