Adobe (NASDAQ:ADBE) PT Raised to $650.00 at Stifel Nicolaus

Adobe (NASDAQ:ADBE) had its target price hoisted by Stifel Nicolaus from $600.00 to $650.00 in a research note published on Friday, Benzinga reports. They currently have a buy rating on the software company’s stock.

A number of other equities analysts also recently issued reports on ADBE. StockNews.com downgraded shares of Adobe from a buy rating to a hold rating in a report on Friday, August 23rd. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a research note on Friday, June 14th. Melius Research restated a hold rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. JMP Securities reiterated a market perform rating on shares of Adobe in a research report on Friday, June 14th. Finally, Piper Sandler cut their price target on Adobe from $700.00 to $635.00 and set an overweight rating for the company in a report on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $605.52.

Adobe Trading Up 1.1 %

NASDAQ:ADBE opened at $569.88 on Friday. The company has a market cap of $252.68 billion, a PE ratio of 51.20, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a 50 day simple moving average of $553.92 and a two-hundred day simple moving average of $519.31. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the company posted $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. Research analysts forecast that Adobe will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s 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 completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Adobe in the fourth quarter worth about $3,277,785,000. Wellington Management Group LLP raised its holdings in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the period. Swedbank AB bought a new stake in shares of Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD purchased a new position in Adobe during the 2nd quarter valued at $663,745,000. Finally, Price T Rowe Associates Inc. MD grew its position in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.