Adobe (NASDAQ:ADBE) Upgraded by StockNews.com to “Buy”

Adobe (NASDAQ:ADBE) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

Other research analysts have also recently issued reports about the company. Stifel Nicolaus lowered their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Piper Sandler cut their target price on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research note on Friday, July 12th. Barclays lifted their price target on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Finally, BMO Capital Markets increased their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $603.33.

Adobe Stock Performance

NASDAQ ADBE traded down $5.83 on Monday, reaching $536.61. 1,589,955 shares of the stock were exchanged, compared to its average volume of 3,418,490. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $237.93 billion, a PE ratio of 48.21, a PEG ratio of 2.83 and a beta of 1.30. The company’s 50-day simple moving average is $517.94 and its two-hundred day simple moving average is $529.53.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.04 EPS. Analysts expect that Adobe will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,236 shares of company stock worth $16,281,053. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently bought and sold shares of the business. Evolution Advisers Inc. lifted its stake in shares of Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares during the last quarter. Sound View Wealth Advisors Group LLC grew its position in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares during the last quarter. Wade G W & Inc. raised its stake in shares of Adobe by 0.5% during the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after acquiring an additional 18 shares in the last quarter. River Street Advisors LLC lifted its position in Adobe by 2.1% during the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock valued at $564,000 after acquiring an additional 19 shares during the last quarter. Finally, Invst LLC grew its holdings in Adobe by 2.1% in the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock worth $567,000 after purchasing an additional 19 shares during the last quarter. 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.