Adobe (NASDAQ:ADBE) Price Target Raised to $675.00

Adobe (NASDAQ:ADBE) had its target price hoisted by equities researchers at Barclays from $650.00 to $675.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Barclays‘s price target points to a potential upside of 18.85% from the company’s previous close.

A number of other brokerages have also recently weighed in on ADBE. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research note on Thursday, August 1st. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Mizuho restated a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Wells Fargo & Company increased their price objective on 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 lowered their target price on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research note on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $603.79.

Adobe Trading Down 1.3 %

NASDAQ ADBE opened at $567.93 on Wednesday. The firm’s fifty day moving average price is $553.57 and its 200 day moving average price is $519.26. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market capitalization of $251.82 billion, a price-to-earnings ratio of 51.03, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter last year, the company posted $3.04 earnings per share. On average, sell-side analysts expect that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vise Technologies Inc. raised its position in shares of Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the period. Steph & Co. raised its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC grew its holdings in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares during the period. Finally, Van Hulzen Asset Management LLC increased its position in Adobe by 20.6% during the 4th quarter. Van Hulzen Asset Management LLC now owns 25,343 shares of the software company’s stock worth $15,120,000 after purchasing an additional 4,325 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.