BMO Capital Markets Increases Adobe (NASDAQ:ADBE) Price Target to $580.00

Adobe (NASDAQ:ADBEFree Report) had its price objective lifted by BMO Capital Markets from $525.00 to $580.00 in a report published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

A number of other brokerages also recently weighed in on ADBE. Stifel Nicolaus reduced their target price on Adobe from $625.00 to $600.00 and set a buy rating on the stock in a report on Friday, June 7th. KeyCorp raised their target price on Adobe from $445.00 to $450.00 and gave the company an underweight rating in a report on Friday. Barclays raised their price objective on Adobe from $630.00 to $650.00 and gave the company an overweight rating in a report on Friday. TheStreet downgraded Adobe from a b- rating to a c+ rating in a report on Tuesday, March 19th. Finally, Robert W. Baird raised their price objective on Adobe from $525.00 to $545.00 and gave the company a neutral rating in a report on Friday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $607.67.

Get Our Latest Stock Analysis on ADBE

Adobe Trading Down 1.3 %

Shares of NASDAQ:ADBE opened at $518.74 on Friday. The company has a market capitalization of $232.40 billion, a P/E ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The business’s 50 day simple moving average is $475.32 and its 200 day simple moving average is $539.44.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) 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 the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.04 earnings per share. On average, research analysts anticipate that Adobe will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Adobe

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

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Morgan Stanley boosted its stake in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Norges Bank acquired a new position in Adobe during the 4th quarter valued at about $3,277,785,000. Finally, Northern Trust Corp boosted its stake in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

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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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