Adobe (NASDAQ:ADBE) Upgraded at StockNews.com

Adobe (NASDAQ:ADBE) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Other equities analysts have also issued reports about the company. TD Cowen decreased their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. KeyCorp lifted their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $600.00 target price on shares of Adobe in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $603.33.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $5.83 on Monday, reaching $536.61. 1,589,955 shares of the company’s stock were exchanged, compared to its average volume of 3,418,490. The firm has a market capitalization of $237.93 billion, a price-to-earnings ratio of 48.21, a PEG ratio of 2.83 and a beta of 1.30. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business’s 50-day moving average is $517.94 and its two-hundred day moving average is $529.53. 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 (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 EPS. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe will post 14.69 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the firm’s 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 sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 30,236 shares of company stock worth $16,281,053 in the last ninety days. 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. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in shares of Adobe in the 2nd quarter worth approximately $33,000. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Finally, Steph & Co. boosted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.