Adobe Inc. (NASDAQ:ADBE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Adobe Inc. (NASDAQ:ADBE) have been assigned an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the company, Marketbeat reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $606.40.

A number of analysts recently commented on ADBE shares. Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Tuesday, October 15th. Bank of America reissued a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Finally, Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, September 13th.

Adobe Stock Performance

Shares of Adobe stock opened at $483.72 on Friday. The company has a market cap of $214.48 billion, a PE ratio of 43.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The business has a 50 day moving average price of $531.42 and a 200-day moving average price of $515.60. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 earnings per share. Equities analysts anticipate that Adobe will post 14.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value 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 approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,030 shares of company stock valued at $17,176,005 over the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Advocates Investment Management grew its holdings in shares of Adobe by 2.2% during the 3rd quarter. Financial Advocates Investment Management now owns 3,214 shares of the software company’s stock worth $1,664,000 after acquiring an additional 68 shares during the period. S.A. Mason LLC grew its holdings in shares of Adobe by 2.3% during the 3rd quarter. S.A. Mason LLC now owns 2,864 shares of the software company’s stock worth $1,483,000 after acquiring an additional 64 shares during the period. Solidarity Wealth LLC grew its holdings in shares of Adobe by 7.7% during the 3rd quarter. Solidarity Wealth LLC now owns 16,206 shares of the software company’s stock worth $8,391,000 after acquiring an additional 1,157 shares during the period. Oak Harvest Investment Services grew its holdings in shares of Adobe by 500.0% during the 3rd quarter. Oak Harvest Investment Services now owns 3,000 shares of the software company’s stock worth $1,553,000 after acquiring an additional 2,500 shares during the period. Finally, Hudson Valley Investment Advisors Inc. ADV grew its stake in shares of Adobe by 20.6% in the 3rd quarter. Hudson Valley Investment Advisors Inc. ADV now owns 24,788 shares of the software company’s stock worth $12,835,000 after buying an additional 4,235 shares during the last quarter. 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.