Adobe (NASDAQ:ADBE) Rating Increased to Strong-Buy at Phillip Securities

Adobe (NASDAQ:ADBE - Get Free Report) was upgraded by research analysts at Phillip Securities from a "moderate sell" rating to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a report on Friday. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $494.67.

Adobe Trading Up 2.6%

NASDAQ:ADBE opened at $401.73 on Monday. The business has a fifty day moving average price of $388.00 and a 200-day moving average price of $419.64. Adobe has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter valued at $28,000. 1248 Management LLC acquired a new stake in shares of Adobe in the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the 1st quarter worth $26,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.

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