Adobe Inc. (NASDAQ:ADBE) Receives $538.80 Consensus PT from Analysts

Adobe Inc. (NASDAQ:ADBE) has been assigned an average rating of “Moderate Buy” from the twenty-eight brokerages that are currently covering the company, Marketbeat Ratings reports. Eleven equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $531.54.

A number of equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. dropped their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Mizuho cut their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Barclays lowered their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. BMO Capital Markets cut their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company dropped their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David A. Ricks purchased 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the 3rd quarter worth $26,000. Groupama Asset Managment raised its holdings in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares during the period. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter valued at about $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter valued at about $28,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 0.6 %

ADBE opened at $383.53 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $163.46 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a 12 month low of $374.50 and a 12 month high of $587.75. The stock has a fifty day moving average price of $430.88 and a 200-day moving average price of $467.49.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

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.