Adobe (NASDAQ:ADBE) Price Target Raised to $550.00

Adobe (NASDAQ:ADBE) had its target price hoisted by stock analysts at Oppenheimer from $430.00 to $550.00 in a report issued on Wednesday, Briefing.com reports. The brokerage currently has an “outperform” rating on the software company’s stock. Oppenheimer’s target price would suggest a potential upside of 10.51% from the stock’s current price.

A number of other research analysts also recently commented on ADBE. Cowen upgraded Adobe from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $400.00 to $555.00 in a report on Friday, September 11th. Wells Fargo & Company increased their price objective on Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a report on Wednesday. Stifel Nicolaus increased their price objective on Adobe from $426.00 to $550.00 and gave the company a “buy” rating in a report on Wednesday. R. F. Lafferty increased their price objective on Adobe from $550.00 to $570.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Argus increased their price objective on Adobe from $368.00 to $474.00 and gave the company a “buy” rating in a report on Monday, June 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-four have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $480.73.

ADBE stock opened at $497.67 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $233.07 billion, a P/E ratio of 65.66, a P/E/G ratio of 3.77 and a beta of 0.94. The business’s 50-day moving average is $470.05 and its two-hundred day moving average is $395.83. Adobe has a 1 year low of $255.13 and a 1 year high of $536.88.

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

In other news, CEO Shantanu Narayen sold 10,000 shares of Adobe stock in a transaction on Wednesday, July 15th. The stock was sold at an average price of $432.68, for a total value of $4,326,800.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gloria Chen sold 497 shares of Adobe stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $472.12, for a total value of $234,643.64. Following the completion of the sale, the executive vice president now directly owns 7,365 shares of the company’s stock, valued at approximately $3,477,163.80. The disclosure for this sale can be found here. Insiders have sold 87,383 shares of company stock valued at $39,265,514 in the last three months. 0.31% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in ADBE. Copper Rock Capital Partners LLC grew its position in shares of Adobe by 6,598.7% in the second quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock valued at $1,024,851,000 after purchasing an additional 2,727,693 shares during the period. BlackRock Inc. grew its position in shares of Adobe by 4.5% in the second quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock valued at $16,572,043,000 after purchasing an additional 1,623,749 shares during the period. Akre Capital Management LLC purchased a new stake in Adobe during the first quarter valued at about $362,794,000. Nordea Investment Management AB grew its position in Adobe by 94.3% during the second quarter. Nordea Investment Management AB now owns 1,646,720 shares of the software company’s stock valued at $707,710,000 after acquiring an additional 799,163 shares during the period. Finally, California Public Employees Retirement System grew its position in Adobe by 70.4% during the second quarter. California Public Employees Retirement System now owns 1,853,168 shares of the software company’s stock valued at $806,703,000 after acquiring an additional 765,634 shares during the period. 84.03% of the stock is owned by institutional investors and hedge funds.

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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