Adobe (NASDAQ:ADBE) Raised to Buy at StockNews.com

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

A number of other research firms have also recently commented on ADBE. Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the company an overweight rating in a report on Friday, June 14th. Bank of America reaffirmed a buy rating and issued a $640.00 target price on shares of Adobe in a report on Friday. Piper Sandler Companies reaffirmed an overweight rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Piper Sandler reaffirmed an overweight rating and issued a $635.00 target price on shares of Adobe in a report on Friday. Finally, Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $606.58.

Adobe Price Performance

Shares of ADBE opened at $521.50 on Friday. The firm has a market cap of $231.23 billion, a PE ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a fifty day simple moving average of $552.68 and a two-hundred day simple moving average of $519.46. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe will post 14.69 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $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 over the last 90 days. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of large investors have recently bought and sold shares of ADBE. Tradewinds Capital Management LLC raised 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 worth $28,000 after buying an additional 40 shares in 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 worth $29,000 after buying an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth approximately $33,000. Steph & Co. raised its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe in the second quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

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.