Adobe Inc (NASDAQ:ADBE) Receives Average Recommendation of “Buy” from Brokerages

Shares of Adobe Inc (NASDAQ:ADBE) have received an average recommendation of “Buy” from the twenty-six brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, eleven have given a hold recommendation and fourteen have given a buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $305.95.

A number of equities analysts have commented on ADBE shares. Bank of America lifted their price target on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Wedbush reaffirmed a “hold” rating and issued a $290.00 price target on shares of Adobe in a research note on Wednesday, September 18th. JMP Securities reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, September 18th. ValuEngine cut Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Finally, Barclays lifted their price target on Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 19th.

In related news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total transaction of $867,960.00. Following the sale, the executive vice president now directly owns 55,198 shares in the company, valued at $15,969,885.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,832 shares of company stock worth $3,471,486. Corporate insiders own 0.32% of the company’s stock.



Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Nuveen Asset Management LLC boosted its position in shares of Adobe by 17,012.2% during the second quarter. Nuveen Asset Management LLC now owns 3,916,308 shares of the software company’s stock valued at $1,153,941,000 after purchasing an additional 3,893,422 shares in the last quarter. Invesco Ltd. boosted its position in shares of Adobe by 37.5% during the second quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after purchasing an additional 2,174,047 shares in the last quarter. BlackRock Inc. boosted its position in shares of Adobe by 2.7% during the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after purchasing an additional 887,115 shares in the last quarter. Morgan Stanley boosted its position in shares of Adobe by 13.2% during the second quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after purchasing an additional 812,144 shares in the last quarter. Finally, Investec Asset Management LTD boosted its position in shares of Adobe by 77,287.5% during the second quarter. Investec Asset Management LTD now owns 648,507 shares of the software company’s stock valued at $247,000 after purchasing an additional 647,669 shares in the last quarter. Institutional investors own 86.27% of the company’s stock.

Adobe stock traded up $4.15 during trading hours on Wednesday, reaching $274.98. The company had a trading volume of 602,006 shares, compared to its average volume of 2,743,433. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. The company has a 50-day moving average price of $280.36 and a 200 day moving average price of $283.32. The firm has a market cap of $134.07 billion, a price-to-earnings ratio of 49.55, a P/E/G ratio of 2.67 and a beta of 1.09. Adobe has a 12-month low of $204.95 and a 12-month high of $313.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, topping the Zacks’ consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 EPS. As a group, research analysts expect that Adobe will post 6.38 earnings per share for the current year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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