Adobe (NASDAQ:ADBE) Upgraded at StockNews.com

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a hold rating to a buy rating in a research note released on Friday.

Other research analysts also recently issued reports about the company. JMP Securities reissued a market perform rating on shares of Adobe in a research note on Friday. Sanford C. Bernstein reduced their target price on shares of Adobe from $660.00 to $644.00 and set an outperform rating for the company in a research report on Friday. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a neutral rating in a research report on Wednesday, September 11th. Wells Fargo & Company upped their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an overweight rating in a research note on Friday, June 14th. Finally, Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an overweight rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of Moderate Buy and a consensus target price of $606.58.

Adobe Stock Performance

ADBE opened at $536.87 on Friday. The company has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. The firm’s fifty day simple moving average is $553.76 and its two-hundred day simple moving average is $519.73. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25.

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

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 97 shares of Adobe 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 transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock worth $14,855,543 over the last ninety days. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its stake in Adobe by 346.2% in the first 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 last quarter. Summit Securities Group LLC acquired a new position in Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. increased its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the 2nd quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.