Adobe (NASDAQ:ADBE) Price Target Increased to $570.00 by Analysts at R. F. Lafferty

Adobe (NASDAQ:ADBE) had its price objective hoisted by equities researchers at R. F. Lafferty from $550.00 to $570.00 in a research note issued on Wednesday, Briefing.com reports. The brokerage presently has a “buy” rating on the software company’s stock. R. F. Lafferty’s target price suggests a potential upside of 14.53% from the stock’s previous close.

ADBE has been the subject of several other reports. BidaskClub cut Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday, September 9th. BMO Capital Markets upped their price target on Adobe from $440.00 to $535.00 and gave the company an “outperform” rating in a research note on Monday. Griffin Securities increased their target price on Adobe from $334.00 to $427.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. Credit Suisse Group set a $560.00 target price on Adobe and gave the stock a “buy” rating in a research note on Wednesday. Finally, Robert W. Baird upped their price target on Adobe from $345.00 to $460.00 and gave the stock an “outperform” rating in a report on Friday, June 12th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-four have assigned a buy rating to the stock. Adobe presently has a consensus rating of “Buy” and a consensus price target of $480.73.

Adobe stock opened at $497.67 on Wednesday. The stock has a market capitalization of $233.07 billion, a PE ratio of 65.66, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. Adobe has a 12 month low of $255.13 and a 12 month high of $536.88. The business has a 50 day simple moving average of $470.05 and a 200-day simple moving average of $395.83. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same period in the previous year, the business earned $2.05 earnings per share. The business’s revenue was up 14.0% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe will post 8.05 EPS for the current fiscal year.

In related news, EVP Gloria Chen sold 497 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $472.12, for a total value of $234,643.64. Following the transaction, the executive vice president now owns 7,365 shares in the company, valued at $3,477,163.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 10,000 shares of the business’s stock in a transaction dated Wednesday, July 15th. The stock was sold at an average price of $432.68, for a total value of $4,326,800.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 87,383 shares of company stock worth $39,265,514. 0.31% of the stock is currently owned by insiders.

Large investors have recently added to or reduced their stakes in the stock. Evolution Wealth Advisors LLC acquired a new position in shares of Adobe in the second quarter worth about $30,000. Harvest Group Wealth Management LLC bought a new stake in Adobe in the second quarter valued at about $30,000. Cedar Mountain Advisors LLC increased its holdings in Adobe by 81.0% in the second quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock valued at $33,000 after buying an additional 34 shares during the last quarter. Lloyd Advisory Services LLC. increased its holdings in Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock valued at $26,000 after buying an additional 59 shares during the last quarter. Finally, Rockbridge Investment Management LCC bought a new stake in Adobe in the second quarter valued at about $36,000. Institutional investors and hedge funds own 84.03% of the company’s stock.

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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