Adobe Inc. (NASDAQ:ADBE) Given Consensus Recommendation of “Moderate Buy” by Brokerages
Adobe Inc. (NASDAQ:ADBE – Get Free Report) has been assigned an average recommendation of “Moderate Buy” from the twenty-seven ratings firms that are covering the company, MarketBeat reports. Seven equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $607.75.
ADBE has been the topic of a number of research reports. Oppenheimer raised shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 target price on the stock in a report on Thursday, October 26th. TD Cowen boosted their target price on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a report on Friday, September 15th. DA Davidson upgraded shares of Adobe from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $500.00 to $640.00 in a research report on Thursday, October 26th. Evercore ISI increased their price objective on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a research report on Friday, September 15th. Finally, KGI Securities upgraded shares of Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price objective for the company in a research report on Monday.
View Our Latest Stock Analysis on Adobe
Adobe Price Performance
Shares of NASDAQ:ADBE opened at $602.22 on Wednesday. The firm has a 50 day moving average of $564.41 and a 200-day moving average of $523.06. The stock has a market capitalization of $274.19 billion, a PE ratio of 54.21, a PEG ratio of 3.17 and a beta of 1.34. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. Adobe has a 12 month low of $318.60 and a 12 month high of $628.60.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The firm’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm posted $2.63 EPS. On average, equities research analysts predict that Adobe will post 12.81 EPS for the current fiscal year.
Insider Buying and Selling at Adobe
In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $524.70, for a total transaction of $138,520.80. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,127,658.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $553.18, for a total value of $53,105.28. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,243,144.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $524.70, for a total transaction of $138,520.80. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,127,658.50. The disclosure for this sale can be found here. Insiders sold a total of 2,467 shares of company stock worth $1,337,400 over the last three months. 0.24% of the stock is owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Iron Horse Wealth Management LLC purchased a new position in Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC purchased a new position in Adobe during the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Financial Freedom LLC purchased a new position in Adobe during the 4th quarter valued at $29,000. Finally, Halpern Financial Inc. increased its position in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 44 shares during the period. 80.00% of the stock is owned by hedge funds and other institutional investors.
About Adobe (Get Free Report
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.
Further Reading
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