Adobe’s (ADBE) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a report released on Friday morning, Benzinga reports. Piper Sandler currently has a $635.00 price objective on the software company’s stock.

Other analysts have also issued reports about the stock. Mizuho reissued a buy rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Melius Research reiterated a hold rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Oppenheimer boosted their target price on shares of Adobe from $580.00 to $625.00 and gave the company an outperform rating in a research note on Wednesday, September 4th. Piper Sandler Companies reaffirmed an overweight rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Finally, Evercore ISI reissued an outperform rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $608.83.

Adobe Trading Down 8.5 %

Shares of NASDAQ ADBE opened at $536.87 on Friday. 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 current ratio of 1.16 and a quick ratio of 1.16. The business’s 50 day moving average is $553.76 and its two-hundred day moving average is $520.19. The stock has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe will post 14.69 EPS for the current year.

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated 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 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. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last ninety days. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently bought and sold shares of the business. Steph & Co. grew its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. International Assets Investment Management LLC increased its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC lifted its stake in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares in the last quarter. Eagle Asset Management Inc. boosted its holdings in Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after buying an additional 3,120 shares during the last quarter. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its position in shares of Adobe by 0.8% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 577,685 shares of the software company’s stock valued at $327,281,000 after acquiring an additional 4,590 shares in the last quarter. Hedge funds and other 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.