Morgan Stanley Boosts Adobe (NASDAQ:ADBE) Price Target to $375.00

Adobe (NASDAQ:ADBE) had its price target increased by stock analysts at Morgan Stanley from $366.00 to $375.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The brokerage currently has an “overweight” rating on the software company’s stock. Morgan Stanley’s target price indicates a potential upside of 18.67% from the stock’s current price.

Other research analysts have also issued research reports about the company. Wedbush restated a “hold” rating and set a $315.00 target price on shares of Adobe in a research report on Friday, March 13th. Royal Bank of Canada dropped their target price on Adobe from to in a research report on Friday, March 13th. BMO Capital Markets dropped their target price on Adobe from $358.00 to $350.00 and set an “outperform” rating for the company in a research report on Friday, March 13th. Cowen boosted their target price on Adobe from $315.00 to $325.00 and gave the company a “market perform” rating in a research report on Friday, March 13th. Finally, Griffin Securities boosted their target price on Adobe from $330.00 to $334.00 and gave the company a “buy” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Adobe has an average rating of “Buy” and an average target price of $337.64.

ADBE traded up $5.99 on Wednesday, hitting $315.99. The company had a trading volume of 2,570,231 shares, compared to its average volume of 5,694,240. The company has a market cap of $148.49 billion, a PE ratio of 47.88, a PEG ratio of 2.36 and a beta of 0.99. Adobe has a 12-month low of $255.13 and a 12-month high of $386.74. The company has a quick ratio of 0.79, a current ratio of 1.23 and a debt-to-equity ratio of 0.39. The business’s fifty day simple moving average is $346.49 and its 200 day simple moving average is $314.15.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, March 12th. The software company reported $2.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.23 by $0.04. The company had revenue of $3.09 billion during the quarter, compared to analyst estimates of $3.05 billion. Adobe had a return on equity of 33.54% and a net margin of 27.72%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter last year, the business posted $1.71 earnings per share. On average, analysts anticipate that Adobe will post 8.02 earnings per share for the current fiscal year.

In other news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $301.40, for a total transaction of $180,840.00. Following the completion of the sale, the executive vice president now owns 13,655 shares of the company’s stock, valued at $4,115,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John E. Warnock sold 1,600 shares of Adobe stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $345.38, for a total transaction of $552,608.00. Following the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $5,556,473.44. The disclosure for this sale can be found here. Insiders have sold 56,445 shares of company stock valued at $19,174,961 in the last ninety days. Insiders own 0.31% of the company’s stock.

Large investors have recently modified their holdings of the stock. Change Path LLC raised its stake in Adobe by 9.0% in the fourth quarter. Change Path LLC now owns 2,651 shares of the software company’s stock worth $874,000 after buying an additional 218 shares in the last quarter. First National Bank of Mount Dora Trust Investment Services raised its stake in Adobe by 2.4% in the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 13,580 shares of the software company’s stock worth $4,479,000 after buying an additional 315 shares in the last quarter. Dai Ichi Life Insurance Company Ltd raised its stake in Adobe by 5.8% in the fourth quarter. Dai Ichi Life Insurance Company Ltd now owns 49,392 shares of the software company’s stock worth $16,290,000 after buying an additional 2,714 shares in the last quarter. Blue Whale Capital LLP bought a new position in Adobe in the fourth quarter worth approximately $19,589,000. Finally, Atlas Private Wealth Management bought a new position in Adobe in the fourth quarter worth approximately $1,672,000. 85.18% of the stock is owned by institutional investors.

About Adobe

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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