Adobe Inc. (NASDAQ:ADBE) Given Consensus Rating of "Moderate Buy" by Brokerages

Adobe Inc. (NASDAQ:ADBE - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the twenty-eight research firms that are currently covering the stock, Marketbeat reports. Eleven investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $502.88.

Several equities analysts have weighed in on ADBE shares. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Bank of America cut their price target on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Redburn Atlantic started coverage on Adobe in a report on Wednesday, February 19th. They set a "neutral" rating for the company.

Adobe Stock Up 0.4%

Shares of ADBE opened at $397.40 on Wednesday. The business's 50 day moving average is $377.62 and its 200 day moving average is $435.54. The company has a market capitalization of $169.37 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company earned $4.48 EPS. Research analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently bought and sold shares of ADBE. Arizona State Retirement System raised its position in shares of Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe in the 4th quarter worth $1,173,000. M. Kraus & Co bought a new position in shares of Adobe in the 4th quarter worth $3,285,000. Silicon Valley Capital Partners raised its position in shares of Adobe by 4.1% in the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock worth $2,656,000 after acquiring an additional 236 shares in the last quarter. Finally, Evanson Asset Management LLC raised its position in shares of Adobe by 317.2% in the 4th quarter. Evanson Asset Management LLC now owns 4,472 shares of the software company's stock worth $1,988,000 after acquiring an additional 3,400 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.