Adobe (NASDAQ:ADBE) Upgraded to “Overweight” at JPMorgan Chase & Co.

Adobe (NASDAQ:ADBEGet Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report issued on Friday, MarketBeat reports. The brokerage presently has a $580.00 price objective on the software company’s stock, up from their previous price objective of $570.00. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 10.41% from the stock’s current price.

ADBE has been the subject of a number of other research reports. Robert W. Baird decreased their target price on shares of Adobe from $590.00 to $525.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. TheStreet lowered shares of Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating for the company in a research report on Friday, March 15th. Finally, BMO Capital Markets cut their target price on Adobe from $610.00 to $525.00 and set an “outperform” rating on the stock in a research report on Thursday, June 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $604.35.

Read Our Latest Report on Adobe

Adobe Price Performance

Shares of ADBE stock opened at $525.31 on Friday. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business has a fifty day simple moving average of $474.63 and a 200 day simple moving average of $540.63. The company has a market cap of $235.34 billion, a P/E ratio of 47.20, a P/E/G ratio of 2.48 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 39.98% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.04 EPS. On average, sell-side analysts forecast that Adobe will post 14.55 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Adobe

In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at $1,940,160. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold 3,006 shares of company stock valued at $1,424,432 in the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC increased its position in Adobe by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock valued at $13,718,000 after acquiring an additional 284 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in Adobe in the 3rd quarter worth about $32,616,000. Envestnet Portfolio Solutions Inc. bought a new stake in Adobe in the third quarter worth about $18,420,000. Envestnet Asset Management Inc. boosted its position in shares of Adobe by 20.7% during the third quarter. Envestnet Asset Management Inc. now owns 1,030,053 shares of the software company’s stock valued at $525,224,000 after buying an additional 176,330 shares during the period. Finally, TRUE Private Wealth Advisors grew its stake in shares of Adobe by 39.9% during the third quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after buying an additional 240 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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