Adobe's (ADBE) Buy Rating Reaffirmed at DA Davidson

Adobe (NASDAQ:ADBE - Get Free Report)'s stock had its "buy" rating reissued by stock analysts at DA Davidson in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $500.00 price objective on the software company's stock. DA Davidson's price target would indicate a potential upside of 33.22% from the company's previous close.

Several other analysts have also commented on ADBE. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Robert W. Baird raised their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Finally, Morgan Stanley reduced their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $496.75.

Adobe Price Performance

Shares of Adobe stock traded down $2.72 on Friday, hitting $375.32. The company's stock had a trading volume of 2,214,572 shares, compared to its average volume of 3,391,877. The company has a market capitalization of $159.96 billion, a P/E ratio of 24.01, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a fifty day moving average price of $389.19 and a 200-day moving average price of $418.14. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the period. 1248 Management LLC acquired a new stake in Adobe in the first quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe during the 1st quarter valued at $26,000. SWAN Capital LLC bought a new position in Adobe during the 4th quarter valued at $28,000. Finally, Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 81.79% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.