BMO Capital Markets Raises Adobe (NASDAQ:ADBE) Price Target to $400.00

Adobe (NASDAQ:ADBE – Get Rating) had its target price raised by BMO Capital Markets from $395.00 to $400.00 in a report published on Thursday morning, The Fly reports. BMO Capital Markets currently has a market perform rating on the software company’s stock.

ADBE has been the subject of several other reports. Piper Sandler lifted their price objective on Adobe from $380.00 to $415.00 and gave the stock an overweight rating in a report on Monday, January 9th. UBS Group lifted their price objective on Adobe from $350.00 to $400.00 and gave the stock a neutral rating in a report on Wednesday, February 15th. Mizuho lifted their price objective on Adobe from $360.00 to $370.00 and gave the stock a neutral rating in a report on Friday, December 16th. Citigroup lifted their price objective on Adobe from $337.00 to $355.00 and gave the stock a neutral rating in a report on Monday, December 19th. Finally, DA Davidson started coverage on Adobe in a report on Tuesday, January 17th. They issued a neutral rating and a $350.00 price objective for the company. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of Hold and an average price target of $415.70.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $358.14 on Thursday. Adobe has a 1-year low of $274.73 and a 1-year high of $473.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. The business has a fifty day moving average price of $353.24 and a 200-day moving average price of $333.90. The company has a market capitalization of $164.24 billion, a PE ratio of 35.28, a PEG ratio of 2.08 and a beta of 1.27.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, beating the consensus estimate of $3.68 by $0.12. Adobe had a return on equity of 36.58% and a net margin of 26.32%. The firm had revenue of $4.66 billion during the quarter, compared to the consensus estimate of $4.62 billion. During the same period last year, the company earned $2.84 earnings per share. The company’s revenue was up 9.2% on a year-over-year basis. As a group, equities analysts expect that Adobe will post 12.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 209 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $74,282.78. Following the transaction, the chief accounting officer now directly owns 3,479 shares of the company’s stock, valued at approximately $1,236,506.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 209 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $74,282.78. Following the transaction, the chief accounting officer now directly owns 3,479 shares of the company’s stock, valued at approximately $1,236,506.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,906 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $1,032,850.52. Following the completion of the transaction, the executive vice president now directly owns 26,475 shares in the company, valued at $9,409,744.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,265 shares of company stock valued at $9,067,344. Corporate insiders own 0.24% of the company’s stock.

Institutional Trading of Adobe

A number of large investors have recently added to or reduced their stakes in ADBE. Grayhawk Investment Strategies Inc. bought a new stake in Adobe in the 2nd quarter worth approximately $25,000. Financial Enhancement Group LLC increased its stake in Adobe by 338.1% in the 3rd quarter. Financial Enhancement Group LLC now owns 92 shares of the software company’s stock worth $25,000 after acquiring an additional 71 shares during the last quarter. Arcus Capital Partners LLC bought a new stake in Adobe in the 4th quarter worth approximately $26,000. TD Capital Management LLC bought a new stake in Adobe in the 3rd quarter worth approximately $28,000. Finally, Financial Freedom LLC bought a new stake in Adobe in the 4th quarter worth approximately $29,000. Institutional investors own 79.36% of the company’s stock.

About Adobe

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. 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 Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.