Adobe (NASDAQ:ADBE) Stock Rating Upgraded by JPMorgan Chase & Co.

Adobe (NASDAQ:ADBE) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Friday, Marketbeat Ratings reports. The brokerage currently has a $580.00 target price on the software company’s stock, up from their previous target price of $570.00. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 10.41% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. TD Cowen dropped their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Wells Fargo & Company cut their price target on shares of Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research note on Friday, March 15th. Mizuho reissued a “buy” rating and issued a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Bank of America cut their target price on shares of Adobe from $700.00 to $640.00 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, DA Davidson reiterated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $604.35.

Adobe Trading Up 14.5 %

Shares of ADBE stock opened at $525.31 on Friday. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap of $235.34 billion, a PE ratio of 47.20, a price-to-earnings-growth ratio of 2.48 and a beta of 1.27. The company has a 50-day moving average of $474.63 and a two-hundred day moving average of $540.63. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 39.98%. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the company posted $3.04 EPS. On average, analysts predict that Adobe will post 14.55 EPS for the current year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last ninety days. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Morgan Stanley boosted its holdings in Adobe by 2.7% in the third quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Norges Bank purchased a new stake in Adobe during the 4th quarter worth approximately $3,277,785,000. Finally, Northern Trust Corp raised its position in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock valued at $2,732,307,000 after purchasing an additional 202,136 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.