StockNews.com Upgrades Adobe (NASDAQ:ADBE) to Strong-Buy

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a buy rating to a strong-buy rating in a report published on Wednesday.

A number of other research firms also recently weighed in on ADBE. Piper Sandler reduced their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Jefferies Financial Group cut their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. DA Davidson dropped their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Up 2.2 %

Adobe stock opened at $447.17 on Wednesday. The company’s 50 day simple moving average is $500.48 and its 200 day simple moving average is $522.65. The firm has a market capitalization of $196.84 billion, a price-to-earnings ratio of 36.06, a PEG ratio of 2.51 and a beta of 1.29. Adobe has a fifty-two week low of $432.47 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.52 EPS. As a group, sell-side analysts anticipate that Adobe will post 16.73 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,293 shares of company stock valued at $14,719,309. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently made changes to their positions in the business. HTLF Bank grew its holdings in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC increased its position in shares of Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Adobe by 4.0% during the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after acquiring an additional 20 shares during the last quarter. Connable Office Inc. lifted its stake in Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after purchasing an additional 20 shares during the last quarter. Finally, 1ST Source Bank lifted its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during 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.