Adobe Inc. (NASDAQ:ADBE) Receives $603.33 Consensus Target Price from Analysts

Shares of Adobe Inc. (NASDAQ:ADBE) have been given an average rating of “Moderate Buy” by the thirty analysts that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $603.33.

ADBE has been the subject of several recent research reports. TD Cowen dropped their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Mizuho restated a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Barclays lifted their price target on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th.

Adobe Trading Up 0.7 %

Shares of ADBE stock opened at $554.82 on Thursday. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a fifty day simple moving average of $512.42 and a 200-day simple moving average of $531.16. The stock has a market cap of $246.01 billion, a P/E ratio of 49.85, a P/E/G ratio of 2.88 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts forecast that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, 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 sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,933,596.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction 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 directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,755 shares of company stock valued at $16,016,103. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ADBE. MFA Wealth Advisors LLC bought a new position in shares of Adobe during the second quarter valued at approximately $71,000. Prossimo Advisors LLC grew its stake in Adobe by 23.9% during the 2nd quarter. Prossimo Advisors LLC now owns 2,727 shares of the software company’s stock worth $1,515,000 after buying an additional 526 shares during the last quarter. XML Financial LLC increased its position in Adobe by 10.3% in the second quarter. XML Financial LLC now owns 441 shares of the software company’s stock worth $245,000 after buying an additional 41 shares during the period. Bay Rivers Group lifted its stake in Adobe by 20.0% in the second quarter. Bay Rivers Group now owns 504 shares of the software company’s stock valued at $280,000 after buying an additional 84 shares during the last quarter. Finally, Aaron Wealth Advisors LLC boosted its holdings in shares of Adobe by 7.5% during the second quarter. Aaron Wealth Advisors LLC now owns 2,074 shares of the software company’s stock valued at $1,152,000 after acquiring an additional 144 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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.