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

Key Points

• DA Davidson has reiterated a "buy" rating for Adobe (ADBE) with a target price of $500.00, indicating a potential upside of 43.57% from its previous close.
• Adobe's stock has received a consensus rating of "Moderate Buy" from analysts, with a current average target price of $435.63.
• Adobe reported better-than-expected quarterly earnings with $5.06 EPS, exceeding the consensus estimate of $4.97, alongside a 10.6% increase in revenue year-over-year.

Adobe (NASDAQ:ADBE - Get Free Report)'s stock had its "buy" rating reiterated by DA Davidson in a report issued on Friday,Benzinga reports. They presently have a $500.00 target price on the software company's stock. DA Davidson's price objective indicates a potential upside of 43.57% from the company's previous close.

Other equities analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Citigroup reduced their target price on shares of Adobe from $450.00 to $400.00 and set a "neutral" rating on the stock in a report on Thursday. Mizuho reduced their target price on shares of Adobe from $530.00 to $460.00 and set an "outperform" rating on the stock in a report on Monday. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a report on Wednesday, July 2nd. Finally, Barclays increased their target price on shares of Adobe from $460.00 to $465.00 and gave the stock an "overweight" rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average price target of $435.63.

Adobe Trading Down 0.7%

Shares of ADBE stock traded down $2.28 during trading hours on Friday, hitting $348.27. The company had a trading volume of 4,240,646 shares, compared to its average volume of 3,824,398. The company's fifty day moving average is $357.92 and its 200 day moving average is $380.45. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe has a fifty-two week low of $330.04 and a fifty-two week high of $557.90. The stock has a market capitalization of $147.73 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. Norges Bank acquired a new stake in shares of Adobe in the second quarter valued at about $2,029,950,000. GAMMA Investing LLC grew its holdings in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Adobe by 308.1% during the second quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company's stock worth $1,202,979,000 after buying an additional 2,347,562 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Adobe in the first quarter valued at approximately $607,443,000. 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.

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