Evercore ISI restated their outperform rating on shares of Adobe (NASDAQ:ADBE – Free Report) in a research note released on Friday morning,Benzinga reports. The brokerage currently has a $475.00 target price on the software company’s stock.
A number of other equities research analysts have also recently weighed in on the company. Oppenheimer dropped their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Stifel Nicolaus dropped their price target on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley dropped their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Wells Fargo & Company increased their price target on Adobe from $430.00 to $470.00 and gave the company an “overweight” rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.
Get Our Latest Stock Analysis on ADBE
Adobe Trading Down 5.3%
Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, analysts expect that Adobe will post 16.65 EPS for the current fiscal year.
Insider Buying and Selling
In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. 0.16% of the stock is owned by company insiders.
Institutional Trading of Adobe
Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in Adobe by 0.4% in the first quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company’s stock valued at $15,779,895,000 after buying an additional 171,547 shares in the last quarter. Geode Capital Management LLC boosted its stake in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock valued at $2,504,685,000 after buying an additional 821,293 shares in the last quarter. Norges Bank acquired a new stake in Adobe in the fourth quarter valued at about $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Adobe by 2.4% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company’s stock valued at $2,097,289,000 after purchasing an additional 126,688 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
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.
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