Adobe Inc. (NASDAQ:ADBE) Given Average Recommendation of “Moderate Buy” by Brokerages

by · The Cerbat Gem

Adobe Inc. (NASDAQ:ADBE – Get Free Report) has been given an average recommendation of “Moderate Buy” by the twenty-eight ratings firms that are currently covering the company, Marketbeat Ratings reports. Eleven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $502.88.

Several brokerages have recently issued reports on ADBE. Jefferies Financial Group decreased their price target 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. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. BMO Capital Markets cut their price objective on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. UBS Group cut their price objective on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a report on Friday, April 11th. Finally, Bank of America cut their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a report on Thursday, March 13th.

Get Our Latest Analysis on Adobe

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

A number of hedge funds have recently made changes to their positions in ADBE. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth $2,553,035,000. GAMMA Investing LLC lifted its holdings in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC bought a new stake in shares of Adobe during the 1st quarter worth $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after acquiring an additional 1,216,351 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.7%

Shares of ADBE stock opened at $417.61 on Wednesday. The company has a 50 day moving average of $376.12 and a 200-day moving average of $433.08. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market cap of $177.99 billion, a P/E ratio of 33.68, a PEG ratio of 2.15 and a beta of 1.55.

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

Adobe Company Profile

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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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