Adobe Inc. (NASDAQ:ADBE - Get Free Report) shares gapped up prior to trading on Friday after Barclays raised their price target on the stock from $460.00 to $465.00. The stock had previously closed at $350.55, but opened at $361.10. Barclays currently has an overweight rating on the stock. Adobe shares last traded at $347.94, with a volume of 4,874,761 shares trading hands.
Several other research analysts have also issued reports on ADBE. DA Davidson restated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research note on Wednesday, July 2nd. Royal Bank Of Canada dropped their price objective on Adobe from $480.00 to $430.00 and set an "outperform" rating on the stock in a research note on Monday. Robert W. Baird raised their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $435.63.
Read Our Latest Research Report on ADBE
Institutional Trading of Adobe
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. WT Wealth Management acquired a new stake in shares of Adobe in the second quarter valued at about $1,632,000. Troy Asset Management Ltd increased its position in shares of Adobe by 10.1% in the second quarter. Troy Asset Management Ltd now owns 525,265 shares of the software company's stock valued at $203,215,000 after acquiring an additional 48,149 shares during the last quarter. American Trust increased its position in shares of Adobe by 7.8% in the second quarter. American Trust now owns 3,019 shares of the software company's stock valued at $1,168,000 after acquiring an additional 219 shares during the last quarter. Total Investment Management Inc. acquired a new stake in shares of Adobe in the second quarter valued at about $35,000. Finally, Centaurus Financial Inc. increased its position in shares of Adobe by 5.8% in the second quarter. Centaurus Financial Inc. now owns 4,482 shares of the software company's stock valued at $1,734,000 after acquiring an additional 245 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Price Performance
The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $147.38 billion, a P/E ratio of 22.29, a PEG ratio of 1.66 and a beta of 1.48. The business has a fifty day moving average of $357.92 and a 200 day moving average of $380.45.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%.The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the company posted $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
About Adobe
(
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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.
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