Adobe (NASDAQ:ADBE) Upgraded to “Strong-Buy” by Argus

Argus upgraded shares of Adobe (NASDAQ:ADBE) to a strong-buy rating in a report released on Monday morning, Zacks.com reports.

Other equities research analysts have also issued research reports about the stock. Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a neutral rating in a report on Wednesday, September 11th. Melius Research reaffirmed a hold rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. JMP Securities reaffirmed a market perform rating on shares of Adobe in a research note on Friday, September 13th. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a neutral rating on the stock in a research note on Friday, September 13th. Finally, Barclays lifted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an overweight rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe currently has an average rating of Moderate Buy and a consensus target price of $606.40.

Adobe Stock Performance

Adobe stock opened at $526.44 on Monday. The firm’s fifty day moving average price is $549.91 and its 200-day moving average price is $519.04. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $233.42 billion, a P/E ratio of 47.30, 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.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Adobe will post 14.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock valued at $18,205,903. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of large investors have recently made changes to their positions in the stock. Steph & Co. grew its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC raised its stake in Adobe by 16.2% during the first 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 raised its stake in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares in the last quarter. Eagle Asset Management Inc. raised its stake in Adobe by 14.7% during the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares in the last quarter. Finally, Quest Partners LLC raised its stake in Adobe by 23.3% during the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 111 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.