Adobe (NASDAQ:ADBE) PT Raised to $580.00

Adobe (NASDAQ:ADBE) had its price objective raised by stock analysts at BMO Capital Markets from $525.00 to $580.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price target would suggest a potential upside of 10.31% from the company’s current price.

Several other research analysts have also issued reports on the company. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research report on Monday. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research report on Friday. Finally, KeyCorp lifted their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $604.35.

Adobe Trading Up 14.6 %

NASDAQ:ADBE traded up $67.05 during trading hours on Friday, hitting $525.79. 8,884,677 shares of the company were exchanged, compared to its average volume of 3,447,854. The stock has a market capitalization of $235.55 billion, a price-to-earnings ratio of 50.09, a price-to-earnings-growth ratio of 2.49 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 one year low of $433.97 and a one year high of $638.25. The company has a fifty day simple moving average of $473.83 and a 200 day simple moving average of $541.85.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $3.04 EPS. Sell-side analysts expect that Adobe will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has approved a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Barlow Wealth Partners Inc. bought a new position in shares of Adobe in the fourth quarter worth $16,700,000. Federated Hermes Inc. grew its stake in shares of Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after buying an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC grew its stake in shares of Adobe by 9.6% during the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the last quarter. Vise Technologies Inc. boosted its holdings in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Finally, Naviter Wealth LLC boosted its holdings in shares of Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares during the period. 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.