Adobe (NASDAQ:ADBE) PT Raised to $450.00

Adobe (NASDAQ:ADBE) had its price target upped by investment analysts at KeyCorp from $445.00 to $450.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “underweight” rating on the software company’s stock. KeyCorp’s price objective suggests a potential downside of 14.34% from the company’s current price.

A number of other brokerages have also recently issued reports on ADBE. Wells Fargo & Company dropped their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a report on Friday. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a research note on Friday, March 15th. UBS Group decreased their target price on shares of Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a report on Friday, March 15th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $604.35.

Adobe Price Performance

ADBE opened at $525.31 on Friday. The firm has a 50-day moving average price of $474.63 and a 200-day moving average price of $540.63. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $235.34 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 2.48 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 EPS. Equities analysts expect that Adobe will post 14.55 EPS for the current year.

Adobe declared that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Morgan Stanley increased its stake in Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe in the fourth quarter valued at $3,277,785,000. Finally, Northern Trust Corp increased its position in Adobe by 3.9% in the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after purchasing an additional 202,136 shares during 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.