Brokerages Set Adobe Inc. (NASDAQ:ADBE) PT at $570.88

Adobe Inc. (NASDAQ:ADBE) has been given a consensus rating of “Moderate Buy” by the twenty-nine brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen 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 ratings on the stock in the last year is $570.88.

Several research analysts have issued reports on the company. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a report on Wednesday, January 15th. UBS Group reduced their target price on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Thursday, December 12th. Finally, Piper Sandler cut their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th.

Adobe Stock Up 0.3 %

ADBE opened at $438.49 on Friday. The stock has a market capitalization of $190.87 billion, a price-to-earnings ratio of 35.36, a PEG ratio of 2.15 and a beta of 1.31. The firm has a 50 day moving average price of $439.71 and a 200-day moving average price of $490.59. Adobe has a twelve month low of $403.75 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results 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 firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.52 EPS. Equities research analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Park Square Financial Group LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $95,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe in the fourth quarter worth $365,750,000. Brucke Financial Inc. purchased a new position in Adobe during the fourth quarter worth $440,000. Azzad Asset Management Inc. ADV increased its position in Adobe by 0.5% during the fourth quarter. Azzad Asset Management Inc. ADV now owns 6,420 shares of the software company’s stock valued at $2,855,000 after acquiring an additional 35 shares during the last quarter. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter valued at $36,000. 81.79% of the stock is currently owned by hedge funds and other 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.