Adobe (NASDAQ:ADBE – Get Free Report) had its price objective hoisted by equities researchers at Evercore ISI from $590.00 to $605.00 in a note issued to investors on Friday, MarketBeat.com reports. The firm currently has an “outperform” rating on the software company’s stock. Evercore ISI’s price target suggests a potential upside of 14.39% from the company’s previous close.
Several other research firms also recently commented on ADBE. Piper Jaffray Companies raised their price objective on Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a research note on Friday, June 16th. Sanford C. Bernstein raised their price objective on Adobe from $431.00 to $585.00 in a research note on Monday, June 19th. Jefferies Financial Group raised their price objective on Adobe from $600.00 to $660.00 and gave the stock a “buy” rating in a research note on Monday, September 11th. TheStreet raised Adobe from a “c+” rating to a “b-” rating in a research note on Wednesday, June 21st. Finally, UBS Group increased their target price on Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 6th. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $586.38.
Check Out Our Latest Report on ADBE
Adobe Stock Down 4.2 %
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same quarter in the prior year, the company earned $2.63 earnings per share. Adobe’s revenue was up 10.3% on a year-over-year basis. As a group, analysts forecast that Adobe will post 12.56 earnings per share for the current year.
Insider Transactions at Adobe
In other news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 35,000 shares of Adobe stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the completion of the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 298 shares of Adobe stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Adobe
Large investors have recently bought and sold shares of the business. Ilmarinen Mutual Pension Insurance Co boosted its holdings in Adobe by 11.1% during the 1st quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock valued at $19,269,000 after acquiring an additional 5,000 shares during the period. Vident Investment Advisory LLC boosted its holdings in Adobe by 585.8% during the 4th quarter. Vident Investment Advisory LLC now owns 70,198 shares of the software company’s stock valued at $23,624,000 after acquiring an additional 59,962 shares during the period. Geo Capital Gestora de Recursos Ltd boosted its holdings in Adobe by 8.5% during the 1st quarter. Geo Capital Gestora de Recursos Ltd now owns 10,433 shares of the software company’s stock valued at $4,021,000 after acquiring an additional 813 shares during the period. Abacus Planning Group Inc. purchased a new position in Adobe during the 2nd quarter valued at $201,000. Finally, Raleigh Capital Management Inc. boosted its holdings in Adobe by 19.3% during the 1st quarter. Raleigh Capital Management Inc. now owns 507 shares of the software company’s stock valued at $195,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 80.00% 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.
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