Adobe (NASDAQ:ADBE) Earns “Overweight” Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Adobe (NASDAQ:ADBE) in a report released on Friday morning, Benzinga reports. The brokerage currently has a $635.00 price target on the software company’s stock.

Other equities research analysts also recently issued reports about the company. Melius downgraded Adobe from a buy rating to a hold rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an outperform rating for the company in a research report on Friday. Wells Fargo & Company raised their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a report on Friday, June 14th. Oppenheimer upped their price objective on shares of Adobe from $580.00 to $625.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a neutral rating to an overweight rating and lifted their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average price target of $606.58.

Adobe Stock Performance

Adobe stock opened at $536.87 on Friday. 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 cap of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50 day simple moving average is $553.76 and its 200-day simple moving average is $519.73.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. As a group, equities research analysts predict that Adobe will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was 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 owns 20,359 shares in the company, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on 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 $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,259 shares of company stock worth $14,855,543. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its position in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new position in shares of Adobe in the second quarter valued at $39,000. 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.