Sanford C. Bernstein Reiterates $562.00 Price Target for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE) received a $562.00 target price from analysts at Sanford C. Bernstein in a research report issued to clients and investors on Wednesday, Borsen Zeitung reports. The firm currently has a “buy” rating on the software company’s stock. Sanford C. Bernstein’s target price would suggest a potential upside of 12.93% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Cowen raised Adobe from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $400.00 to $555.00 in a research note on Friday, September 11th. Royal Bank of Canada upped their price target on Adobe from $550.00 to $570.00 and gave the stock an “outperform” rating in a research note on Wednesday. Robert W. Baird upped their price target on Adobe from $345.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Morgan Stanley increased their target price on Adobe from $450.00 to $560.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Wells Fargo & Company increased their target price on Adobe from $375.00 to $500.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-five have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $483.35.

Shares of Adobe stock opened at $497.67 on Wednesday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38. The company has a market cap of $233.07 billion, a PE ratio of 65.66, a P/E/G ratio of 3.77 and a beta of 0.94. The business has a 50 day moving average of $470.05 and a 200 day moving average of $395.83. Adobe has a 52 week low of $255.13 and a 52 week high of $536.88.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.41 by $0.16. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.05 earnings per share. On average, research analysts anticipate that Adobe will post 8.05 earnings per share for the current year.

In other news, CEO Shantanu Narayen sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $432.68, for a total transaction of $4,326,800.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Gloria Chen sold 497 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $472.12, for a total value of $234,643.64. Following the transaction, the executive vice president now directly owns 7,365 shares in the company, valued at approximately $3,477,163.80. The disclosure for this sale can be found here. Insiders have sold a total of 87,383 shares of company stock valued at $39,265,514 in the last 90 days. 0.31% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Aviance Capital Partners LLC boosted its stake in Adobe by 191.4% during the second quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock worth $11,269,000 after buying an additional 17,004 shares during the period. Beaumont Financial Partners LLC boosted its stake in Adobe by 3.6% during the second quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock worth $640,000 after buying an additional 51 shares during the period. Westover Capital Advisors LLC boosted its stake in Adobe by 37.3% during the second quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock worth $2,492,000 after buying an additional 1,556 shares during the period. Wexford Capital LP purchased a new position in Adobe during the first quarter worth $85,000. Finally, Wendell David Associates Inc. purchased a new position in Adobe during the second quarter worth $1,711,000. 84.03% of the stock is owned by institutional investors.

About Adobe

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.

See Also: Net Asset Value

Analyst Recommendations for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.