Adobe (NASDAQ:ADBE) Upgraded at StockNews.com

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a buy rating to a strong-buy rating in a research note published on Tuesday.

Several other analysts have also recently commented on ADBE. Wells Fargo & Company reduced their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a report on Tuesday, January 7th. UBS Group decreased their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Piper Sandler lowered their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Finally, Royal Bank of Canada cut their target price on Adobe from $610.00 to $590.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $573.00.

Adobe Trading Up 1.0 %

Shares of NASDAQ ADBE opened at $446.00 on Tuesday. The firm has a 50 day moving average price of $464.63 and a two-hundred day moving average price of $505.15. The stock has a market cap of $194.14 billion, a P/E ratio of 35.97, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. Adobe has a 52-week low of $403.75 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the company earned $3.52 EPS. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. As a group, equities analysts forecast that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares in the company, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,681 shares of company stock valued at $2,525,126. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several large investors have recently modified their holdings of ADBE. Magnolia Capital Advisors LLC raised its position in shares of Adobe by 13.9% in the second quarter. Magnolia Capital Advisors LLC now owns 664 shares of the software company’s stock valued at $369,000 after purchasing an additional 81 shares during the period. Regal Investment Advisors LLC boosted its stake in Adobe by 2.6% in the second quarter. Regal Investment Advisors LLC now owns 1,382 shares of the software company’s stock worth $768,000 after buying an additional 35 shares in the last quarter. EP Wealth Advisors LLC lifted its stake in Adobe by 4.1% in the second quarter. EP Wealth Advisors LLC now owns 8,939 shares of the software company’s stock worth $4,966,000 after purchasing an additional 356 shares during the last quarter. Next Capital Management LLC lifted its position in Adobe by 3.2% in the second quarter. Next Capital Management LLC now owns 678 shares of the software company’s stock valued at $377,000 after purchasing an additional 21 shares during the last quarter. Finally, Advisory Alpha LLC purchased a new position in shares of Adobe in the second quarter valued at about $224,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.