Equities researchers at StockNews.com assumed coverage on shares of Adobe (NASDAQ:ADBE – Get Free Report) in a research report issued on Thursday. The firm set a “buy” rating on the software company’s stock.
Several other analysts have also weighed in on ADBE. Atlantic Securities lifted their price objective on Adobe from $420.00 to $580.00 in a report on Friday, June 16th. Wells Fargo & Company boosted their price target on shares of Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a report on Tuesday, September 12th. DA Davidson raised their price objective on shares of Adobe from $350.00 to $500.00 in a report on Friday, June 16th. Argus upped their target price on shares of Adobe from $565.00 to $611.00 in a research note on Tuesday, September 19th. Finally, JPMorgan Chase & Co. raised their price target on shares of Adobe from $490.00 to $530.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Eight investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $594.50.
View Our Latest Research Report on Adobe
Adobe Trading Down 0.4 %
Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. 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 previous year, the firm posted $2.63 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe will post 12.81 EPS for the current year.
Insider Transactions at Adobe
In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the sale, the executive vice president now owns 23,775 shares of the company’s stock, valued at $12,363,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $520.00, for a total value of $1,139,320.00. Following the transaction, the executive vice president now owns 23,775 shares in the company, valued at $12,363,000. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,127,658.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,753 shares of company stock worth $1,434,809. Corporate insiders own 0.24% of the company’s stock.
Hedge Funds Weigh In On Adobe
Large investors have recently bought and sold shares of the business. Hartford Financial Management Inc. lifted its stake in shares of Adobe by 0.4% in the 2nd quarter. Hartford Financial Management Inc. now owns 4,471 shares of the software company’s stock valued at $2,186,000 after purchasing an additional 20 shares during the period. Capital Planning Advisors LLC lifted its stake in Adobe by 0.3% in the second quarter. Capital Planning Advisors LLC now owns 7,954 shares of the software company’s stock valued at $3,889,000 after buying an additional 20 shares during the period. Weil Company Inc. lifted its stake in Adobe by 2.4% in the second quarter. Weil Company Inc. now owns 842 shares of the software company’s stock valued at $412,000 after buying an additional 20 shares during the period. Financial Management Professionals Inc. boosted its holdings in Adobe by 25.0% during the second quarter. Financial Management Professionals Inc. now owns 105 shares of the software company’s stock worth $51,000 after buying an additional 21 shares during the last quarter. Finally, Sage Capital Advisors llc grew its position in shares of Adobe by 0.4% during the 2nd quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock worth $2,738,000 after buying an additional 21 shares during the period. 80.00% of the stock is currently owned by institutional investors and hedge funds.
Adobe Company Profile
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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