Adobe (NASDAQ:ADBE) Price Target Raised to $570.00 at BofA Securities

Adobe (NASDAQ:ADBE) had its price target increased by stock analysts at BofA Securities from $440.00 to $570.00 in a research report issued on Wednesday, Briefing.com reports. The firm currently has a “buy” rating on the software company’s stock. BofA Securities’ price target would indicate a potential upside of 14.53% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Zacks Investment Research downgraded Adobe from a “hold” rating to a “sell” rating and set a $421.00 price target for the company. in a research report on Tuesday, June 16th. Morgan Stanley boosted their price target on Adobe from $450.00 to $560.00 and gave the company an “overweight” rating in a research report on Monday. Wells Fargo & Company reissued a “hold” rating and set a $375.00 price target (up previously from $290.00) on shares of Adobe in a research report on Friday, June 12th. Argus boosted their price target on Adobe from $368.00 to $474.00 and gave the company a “buy” rating in a research report on Monday, June 15th. Finally, Robert W. Baird boosted their price target on Adobe from $345.00 to $460.00 and gave the company an “outperform” rating in a research report on Friday, June 12th. Two equities research 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 company. Adobe currently has an average rating of “Buy” and a consensus target price of $480.73.

Shares of NASDAQ:ADBE opened at $497.67 on Wednesday. The company has a market cap 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 company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38. Adobe has a 52 week low of $255.13 and a 52 week high of $536.88. The business has a fifty day simple moving average of $470.05 and a 200-day simple moving average of $395.83.

Adobe (NASDAQ:ADBE) last announced 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. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The business’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.05 earnings per share. Sell-side analysts expect that Adobe will post 8.05 earnings per share for the current fiscal year.

In other news, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the completion of the transaction, the chief marketing officer now directly owns 35,257 shares of the company’s stock, valued at $18,324,473.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gloria Chen sold 497 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $453.76, for a total value of $225,518.72. The disclosure for this sale can be found here. Insiders have sold 87,383 shares of company stock valued at $39,265,514 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Lloyd Advisory Services LLC. grew its holdings in Adobe by 256.5% in the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after buying an additional 59 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in Adobe in the 2nd quarter worth approximately $30,000. Harvest Group Wealth Management LLC bought a new position in Adobe in the 2nd quarter worth approximately $30,000. Cedar Mountain Advisors LLC grew its holdings in Adobe by 81.0% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock worth $33,000 after buying an additional 34 shares in the last quarter. Finally, Rockbridge Investment Management LCC bought a new position in Adobe in the 2nd quarter worth approximately $36,000. 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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