Adobe (NASDAQ:ADBE) Given "Outperform" Rating at Evercore ISI

Evercore ISI restated their outperform rating on shares of Adobe (NASDAQ:ADBE - Free Report) in a report released on Friday morning,Benzinga reports. Evercore ISI currently has a $475.00 target price on the software company's stock.

Several other brokerages have also issued reports on ADBE. Piper Sandler reduced 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. Morgan Stanley reduced 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. Robert W. Baird reduced their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Royal Bank of Canada reiterated an "outperform" rating and set a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Finally, Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average target price of $494.67.

Adobe Stock Down 5.3%

NASDAQ ADBE traded down $22.00 during trading on Friday, reaching $391.68. 10,618,205 shares of the company's stock were exchanged, compared to its average volume of 3,427,239. Adobe has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market capitalization 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 company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company's fifty day simple moving average is $385.73 and its 200-day simple moving average is $422.64.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company posted $4.48 EPS. Sell-side analysts predict that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The shares were bought 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 represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.16% of the company's stock.

Institutional Trading of Adobe

Institutional investors have recently modified their holdings of the company. Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. 1248 Management LLC acquired a new stake in shares of Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe during the 1st quarter worth approximately $26,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. 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.