Adobe (NASDAQ:ADBE) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a hold rating to a buy rating in a research report sent to investors on Friday.

ADBE has been the subject of several other research reports. KeyCorp upped their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Melius downgraded shares of Adobe from a buy rating to a hold rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Piper Sandler reiterated an overweight rating and issued a $635.00 price objective on shares of Adobe in a report on Friday. Mizuho reiterated a buy rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the company a neutral rating in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $606.58.

Adobe Trading Down 2.9 %

ADBE stock opened at $521.50 on Friday. The company’s 50-day simple moving average is $552.68 and its 200-day simple moving average is $519.46. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a market cap of $231.23 billion, a P/E ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the firm earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe will post 14.69 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold 27,259 shares of company stock worth $14,855,543 in the last three months. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Several hedge funds have recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new stake in Adobe during the 2nd quarter worth about $33,000. Steph & Co. boosted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter valued at about $39,000. Institutional investors and hedge funds 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.