Adobe (NASDAQ:ADBE) Stock Rating Upgraded by Argus

Adobe (NASDAQ:ADBE) was upgraded by analysts at Argus to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

Several other brokerages also recently issued reports on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a report on Friday, September 13th. BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Up 3.6 %

Shares of NASDAQ:ADBE opened at $526.44 on Monday. The stock has a 50-day simple moving average of $549.91 and a 200-day simple moving average of $519.04. The stock has a market capitalization of $233.42 billion, a P/E ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last released 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 net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe will post 14.69 earnings per share for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on 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 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. Over the last ninety days, insiders sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after acquiring an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Concentrum Wealth Management increased its holdings in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Wellington Management Group LLP raised its stake in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Adobe by 0.6% in the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after purchasing an additional 12,065 shares during the period. Institutional investors and hedge funds 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.