Adobe (NASDAQ:ADBE) Price Target Raised to $675.00

Adobe (NASDAQ:ADBE) had its target price increased by Barclays from $650.00 to $675.00 in a report published on Wednesday, Benzinga reports. Barclays currently has an overweight rating on the software company’s stock.

Several other research analysts have also weighed in on the company. Evercore ISI reissued an outperform rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. TD Cowen dropped their target price on Adobe from $640.00 to $625.00 and set a buy rating on the stock in a report on Monday, June 10th. Wells Fargo & Company raised their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a report on Friday, June 14th. Stifel Nicolaus dropped their price objective on shares of Adobe from $625.00 to $600.00 and set a buy rating on the stock in a research note on Friday, June 7th. Finally, Mizuho reiterated a buy rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Adobe has an average rating of Moderate Buy and an average target price of $605.52.

Adobe Stock Performance

Shares of ADBE opened at $563.41 on Wednesday. The company has a 50-day moving average of $553.72 and a two-hundred day moving average of $519.38. The stock has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the business posted $3.04 EPS. The company’s revenue was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Adobe will post 14.69 earnings per share for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Sound View Wealth Advisors Group LLC raised its position in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after purchasing an additional 17 shares during the last quarter. Wade G W & Inc. raised its holdings in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after buying an additional 18 shares during the last quarter. Invst LLC lifted its position in Adobe by 2.1% during the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after buying an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the last quarter. Finally, HTLF Bank increased its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.