Adobe (NASDAQ:ADBE) Raised to Buy at StockNews.com

Adobe (NASDAQ:ADBE - Get Free Report) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a note issued to investors on Thursday.

Several other brokerages have also recently issued reports on ADBE. UBS Group lowered their target price on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating for the company in a report on Friday, April 11th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. BMO Capital Markets decreased their price objective on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. Bank of America cut their target price on Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company reduced their target price on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $502.88.

Adobe Stock Up 0.0%

Adobe stock traded up $0.09 during midday trading on Thursday, reaching $414.12. The company's stock had a trading volume of 404,080 shares, compared to its average volume of 3,437,127. The company has a market cap of $176.50 billion, a P/E ratio of 33.40, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $376.51 and a 200-day simple moving average of $432.95. Adobe has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The business 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 in the prior year, the business posted $4.48 EPS. On average, research analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated 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 acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Arizona State Retirement System lifted its stake in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the period. Burling Wealth Partners LLC purchased a new position in Adobe in the fourth quarter valued at about $1,173,000. Silicon Valley Capital Partners lifted its position in shares of Adobe by 4.1% during the 4th quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after acquiring an additional 236 shares during the period. Foundations Investment Advisors LLC lifted its position in shares of Adobe by 30.9% during the 4th quarter. Foundations Investment Advisors LLC now owns 36,009 shares of the software company's stock valued at $16,012,000 after acquiring an additional 8,508 shares during the period. Finally, Horan Capital Advisors LLC. boosted its stake in shares of Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after acquiring an additional 114 shares in the last quarter. Hedge funds and other institutional investors 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.

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