Adobe (NASDAQ:ADBE)'s stock had its "buy" rating restated by Cowen in a report issued on Wednesday, TipRanks reports. They presently have a $700.00 price objective on the software company's stock. Cowen's target price points to a potential upside of 11.58% from the company's current price.
A number of other brokerages have also issued reports on ADBE. BMO Capital Markets boosted their price target on Adobe from $630.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, September 16th. JPMorgan Chase & Co. upped their target price on Adobe from $660.00 to $680.00 and gave the stock an "overweight" rating in a report on Wednesday. UBS Group upped their target price on Adobe from $625.00 to $690.00 and gave the stock a "buy" rating in a report on Wednesday. Oppenheimer upped their target price on Adobe from $600.00 to $680.00 and gave the stock an "outperform" rating in a report on Wednesday. Finally, Piper Sandler upped their target price on Adobe from $600.00 to $670.00 and gave the stock an "overweight" rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Adobe currently has a consensus rating of "Buy" and an average target price of $679.57.
Shares of NASDAQ ADBE traded down $18.54 during trading hours on Wednesday, reaching $627.35. The stock had a trading volume of 146,266 shares, compared to its average volume of 2,209,240. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. The firm has a market cap of $298.87 billion, a price-to-earnings ratio of 54.44, a P/E/G ratio of 3.42 and a beta of 0.97. The business's fifty day moving average price is $638.74 and its two-hundred day moving average price is $555.67. Adobe has a 52-week low of $420.78 and a 52-week high of $673.88.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 21st. The software company reported $3.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.01 by $0.10. The firm had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. Adobe had a return on equity of 35.94% and a net margin of 38.79%. Adobe's quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.12 earnings per share. Equities research analysts anticipate that Adobe will post 10.28 earnings per share for the current fiscal year.
In other Adobe news, CMO Ann Lewnes sold 1,164 shares of the stock in a transaction dated Friday, July 30th. The stock was sold at an average price of $619.03, for a total transaction of $720,550.92. Following the sale, the chief marketing officer now directly owns 25,672 shares of the company's stock, valued at approximately $15,891,738.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gloria Chen sold 42 shares of the stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $659.63, for a total value of $27,704.46. Following the sale, the executive vice president now directly owns 11,831 shares in the company, valued at $7,804,082.53. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,530 shares of company stock worth $2,705,892. 0.23% of the stock is owned by insiders.
Hedge funds have recently bought and sold shares of the company. Factory Mutual Insurance Co. boosted its stake in shares of Adobe by 38.7% during the 1st quarter. Factory Mutual Insurance Co. now owns 134,059 shares of the software company's stock worth $63,727,000 after acquiring an additional 37,409 shares in the last quarter. Verdence Capital Advisors LLC boosted its stake in shares of Adobe by 19.7% during the 1st quarter. Verdence Capital Advisors LLC now owns 2,665 shares of the software company's stock worth $1,267,000 after acquiring an additional 438 shares in the last quarter. FIL Ltd boosted its stake in shares of Adobe by 110.9% during the 1st quarter. FIL Ltd now owns 289,374 shares of the software company's stock worth $137,559,000 after acquiring an additional 152,168 shares in the last quarter. South State Corp boosted its stake in shares of Adobe by 0.6% during the 2nd quarter. South State Corp now owns 31,034 shares of the software company's stock worth $18,175,000 after acquiring an additional 193 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its stake in shares of Adobe by 50.1% during the 2nd quarter. Artemis Investment Management LLP now owns 59,323 shares of the software company's stock worth $34,792,000 after acquiring an additional 19,800 shares in the last quarter. 81.67% of the stock is currently owned by institutional investors and hedge funds.
Adobe Company Profile
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Further Reading: Strike Price
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 [email protected]
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here