Adobe (NASDAQ:ADBE) Price Target Increased to $765.00 by Analysts at The Goldman Sachs Group

Adobe (NASDAQ:ADBE) had its price objective upped by equities research analysts at The Goldman Sachs Group from $735.00 to $765.00 in a report released on Wednesday, The Fly reports. The firm currently has a “buy” rating on the software company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 22.80% from the stock’s current price.

A number of other brokerages have also recently commented on ADBE. Oppenheimer raised their price objective on Adobe from $550.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. They noted that the move was a valuation call. Morgan Stanley raised their price objective on Adobe from $610.00 to $736.00 and gave the company an “overweight” rating in a research note on Wednesday, September 15th. They noted that the move was a valuation call. Jefferies Financial Group raised their price objective on Adobe from $750.00 to $760.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada raised their target price on Adobe from $575.00 to $650.00 and gave the company an “outperform” rating in a report on Friday, June 18th. Finally, Barclays raised their target price on Adobe from $660.00 to $740.00 and gave the company an “overweight” rating in a report on Thursday, September 16th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $679.57.

Shares of NASDAQ:ADBE traded down $22.94 during mid-day trading on Wednesday, reaching $622.95. 86,624 shares of the company’s stock were exchanged, compared to its average volume of 2,209,240. The firm has a market capitalization of $296.77 billion, a price-to-earnings ratio of 55.97, a PEG ratio of 3.42 and a beta of 0.97. Adobe has a twelve month low of $420.78 and a twelve month high of $673.88. The business’s fifty day moving average price is $638.74 and its 200-day moving average price is $555.67. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 21st. The software company reported $3.11 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.10. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the company posted $2.12 EPS. The business’s revenue was up 22.0% on a year-over-year basis. Analysts predict that Adobe will post 10.28 EPS for the current fiscal year.

In other Adobe news, EVP Gloria Chen sold 42 shares of the company’s stock in a transaction that occurred on Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total transaction of $27,704.46. Following the transaction, the executive vice president now owns 11,831 shares in the company, valued at approximately $7,804,082.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dana Rao sold 488 shares of the company’s stock in a transaction that occurred on Tuesday, July 27th. The stock was sold at an average price of $621.71, for a total value of $303,394.48. Following the transaction, the executive vice president now owns 14,579 shares in the company, valued at approximately $9,063,910.09. The disclosure for this sale can be found here. Insiders have sold a total of 4,530 shares of company stock valued at $2,705,892 in the last ninety days. 0.23% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the stock. Ten Capital Wealth Advisors LLC grew its stake in shares of Adobe by 5.9% in the 2nd quarter. Ten Capital Wealth Advisors LLC now owns 289 shares of the software company’s stock worth $169,000 after buying an additional 16 shares during the last quarter. Reilly Financial Advisors LLC boosted its stake in Adobe by 1.2% during the 2nd quarter. Reilly Financial Advisors LLC now owns 1,467 shares of the software company’s stock valued at $859,000 after purchasing an additional 17 shares during the last quarter. Beaumont Financial Partners LLC boosted its stake in Adobe by 1.0% during the 2nd quarter. Beaumont Financial Partners LLC now owns 1,742 shares of the software company’s stock valued at $1,023,000 after purchasing an additional 17 shares during the last quarter. EPG Wealth Management LLC boosted its stake in Adobe by 1.6% during the 2nd quarter. EPG Wealth Management LLC now owns 1,054 shares of the software company’s stock valued at $617,000 after purchasing an additional 17 shares during the last quarter. Finally, Windward Capital Management Co. CA boosted its stake in Adobe by 1.2% during the 2nd quarter. Windward Capital Management Co. CA now owns 1,477 shares of the software company’s stock valued at $865,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 81.67% of the company’s stock.

Adobe Company Profile

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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