Adobe (NASDAQ:ADBE) Given Overweight Rating at Piper Sandler Companies

Piper Sandler Companies reiterated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Friday morning, Stock Target Advisor reports. They currently have a $635.00 price objective on the software company’s stock.

Several other research firms have also commented on ADBE. JPMorgan Chase & Co. raised Adobe from a neutral rating to an overweight rating and boosted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Melius lowered Adobe from a buy rating to a hold rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. HSBC cut their target price on Adobe from $557.00 to $511.00 and set a hold rating on the stock in a research report on Friday, March 15th. Finally, StockNews.com lowered Adobe from a buy rating to a hold rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of Moderate Buy and a consensus price target of $603.33.

Adobe Stock Performance

NASDAQ ADBE opened at $565.71 on Friday. The firm has a market capitalization of $250.84 billion, a P/E ratio of 50.83, a P/E/G ratio of 2.92 and a beta of 1.30. 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 simple moving average is $505.14 and its 200-day simple moving average is $532.00.

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 the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.04 EPS. Equities analysts predict that Adobe will post 14.69 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,933,596.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,933,596.48. The disclosure for this sale can be found here. Insiders sold a total of 28,174 shares of company stock worth $15,120,796 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Hedge funds have recently modified their holdings of the stock. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the fourth quarter valued at $35,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.