Adobe (NASDAQ:ADBE - Get Free Report) had its price objective increased by investment analysts at Robert W. Baird from $410.00 to $425.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the software company's stock. Robert W. Baird's price target would suggest a potential upside of 8.51% from the stock's current price.
Other equities research analysts have also recently issued research reports about the stock. Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, Bank of America boosted their price target on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $495.29.
Check Out Our Latest Stock Report on ADBE
Adobe Price Performance
Shares of ADBE opened at $391.68 on Monday. 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 has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market cap of $166.93 billion, a PE ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. The firm has a fifty day simple moving average of $386.76 and a two-hundred day simple moving average of $420.43.
Insider Activity at Adobe
In other news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.16% of the stock is owned by insiders.
Hedge Funds Weigh In On Adobe
Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Adobe by 0.4% in the first quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock valued at $15,779,895,000 after acquiring an additional 171,547 shares during the last quarter. Geode Capital Management LLC increased its position in Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after buying an additional 821,293 shares during the period. Norges Bank bought a new position in shares of Adobe during the 4th quarter worth $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Adobe by 2.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company's stock valued at $2,097,289,000 after acquiring an additional 126,688 shares during the period. 81.79% of the stock is owned by institutional investors.
Adobe Company Profile
(
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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.
Further Reading
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