Adobe (NASDAQ:ADBE) Given a $320.00 Price Target by Canaccord Genuity Analysts

Canaccord Genuity set a $320.00 target price on Adobe (NASDAQ:ADBE) in a report issued on Wednesday, TipRanks reports. The brokerage currently has a buy rating on the software company’s stock.

Several other equities analysts have also commented on ADBE. Royal Bank of Canada reduced their price target on Adobe from $320.00 to $315.00 and set an outperform rating on the stock in a research report on Wednesday. Wells Fargo & Co reissued a hold rating and set a $275.00 price target (up from $250.00) on shares of Adobe in a research report on Wednesday, June 19th. Griffin Securities boosted their price target on Adobe from $303.00 to $317.00 and gave the stock a buy rating in a research report on Wednesday. BidaskClub lowered Adobe from a hold rating to a sell rating in a research report on Wednesday, September 11th. Finally, Stifel Nicolaus reissued a neutral rating and set a $325.00 price target on shares of Adobe in a research report on Wednesday. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $302.65.

Adobe stock traded down $3.35 during midday trading on Wednesday, hitting $277.91. 3,362,893 shares of the company were exchanged, compared to its average volume of 2,718,865. The company’s fifty day moving average price is $285.63 and its 200-day moving average price is $281.81. The company has a market cap of $138.20 billion, a PE ratio of 50.07, a price-to-earnings-growth ratio of 2.58 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. Adobe has a fifty-two week low of $204.95 and a fifty-two week high of $313.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, topping the consensus estimate of $1.97 by $0.08. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. Adobe had a return on equity of 30.90% and a net margin of 26.10%. Adobe’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 EPS. On average, analysts expect that Adobe will post 6.3 EPS for the current fiscal year.

In other Adobe news, Director Charles M. Geschke sold 13,795 shares of Adobe stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $307.13, for a total value of $921,390.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,627 shares of company stock worth $7,471,484 over the last 90 days. 0.32% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Marquette Asset Management LLC increased its holdings in shares of Adobe by 114.3% in the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after acquiring an additional 48 shares during the last quarter. JNBA Financial Advisors increased its holdings in shares of Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after acquiring an additional 80 shares during the last quarter. Manchester Financial Inc. bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $28,000. Ellis Investment Partners LLC bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $30,000. Finally, Resources Investment Advisors LLC. increased its holdings in shares of Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after acquiring an additional 50 shares during the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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