Adobe (NASDAQ:ADBE) PT Raised to $600.00

Adobe (NASDAQ:ADBE) had its price target increased by equities researchers at Barclays from $530.00 to $600.00 in a research note issued on Wednesday, The Fly reports. The brokerage presently has an “overweight” rating on the software company’s stock. Barclays‘s price target suggests a potential upside of 20.56% from the stock’s previous close.

A number of other equities analysts also recently commented on ADBE. Goldman Sachs Group upped their target price on shares of Adobe from $350.00 to $460.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 24th. They noted that the move was a valuation call. BidaskClub downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Wells Fargo & Company restated a “hold” rating and issued a $375.00 target price (up from $290.00) on shares of Adobe in a research note on Friday, June 12th. Royal Bank of Canada increased their price objective on shares of Adobe from $550.00 to $570.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating and set a $421.00 price objective on the stock. in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-four have issued a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $480.73.

Adobe 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. Adobe has a 1-year low of $255.13 and a 1-year high of $536.88. The firm has a market capitalization of $233.07 billion, a P/E ratio of 65.66, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The company’s 50-day moving average is $470.05 and its 200 day moving average is $395.83.

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

In other news, EVP Bryan Lamkin sold 13,094 shares of Adobe stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $427.66, for a total value of $5,599,780.04. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 transaction 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 owned by company insiders.

A number of hedge funds have recently modified their holdings of the business. Evolution Wealth Advisors LLC purchased a new stake in shares of Adobe in the 2nd quarter valued at approximately $30,000. Harvest Group Wealth Management LLC acquired a new position in shares of Adobe in the second quarter valued at approximately $30,000. Cedar Mountain Advisors LLC grew its holdings in shares of 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 purchasing an additional 34 shares in the last quarter. Lloyd Advisory Services LLC. grew its holdings in shares of 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 purchasing an additional 59 shares in the last quarter. Finally, Rockbridge Investment Management LCC acquired a new position in shares of Adobe in the second quarter valued at approximately $36,000. 84.03% of the stock is currently 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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