Adobe Inc. (NASDAQ:ADBE) Receives $502.88 Consensus PT from Analysts

Shares of Adobe Inc. (NASDAQ:ADBE) have been assigned an average recommendation of “Moderate Buy” from the twenty-six analysts that are covering the company, Marketbeat.com reports. Nine equities research analysts have rated the stock with a hold recommendation, sixteen have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $494.67.

Several research analysts have weighed in on ADBE shares. Stifel Nicolaus lowered their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday. Jefferies Financial Group lowered their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday. UBS Group raised their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Finally, DA Davidson lowered their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th.

Adobe Trading Down 5.3%

Shares of ADBE stock opened at $391.68 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a 50-day moving average of $386.76 and a two-hundred day moving average of $421.08. Adobe has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm posted $4.48 earnings per share. On average, analysts predict that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Brighton Jones LLC raised its holdings in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in shares of Adobe in the 4th quarter valued at $76,712,000. Strategic Financial Concepts LLC acquired a new position in shares of Adobe in the 4th quarter valued at $24,927,000. Golden State Wealth Management LLC acquired a new position in shares of Adobe in the 4th quarter valued at $229,000. Finally, Platform Technology Partners increased its holdings in shares of Adobe by 6.0% in the 4th quarter. Platform Technology Partners now owns 672 shares of the software company’s stock valued at $299,000 after acquiring an additional 38 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

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.