Adobe (NASDAQ:ADBE) had its price target hoisted by equities researchers at Piper Jaffray Companies from $339.00 to $360.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage presently has an “overweight” rating on the software company’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 17.66% from the company’s current price.
Other research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Adobe from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 19th. JMP Securities reiterated a “hold” rating on shares of Adobe in a research report on Wednesday, September 18th. Wedbush reiterated a “hold” rating and set a $290.00 price objective on shares of Adobe in a research report on Wednesday, September 18th. Credit Suisse Group set a $325.00 price objective on shares of Adobe and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Royal Bank of Canada boosted their price objective on shares of Adobe to $345.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Adobe currently has an average rating of “Hold” and an average price target of $311.78.
Adobe stock opened at $305.96 on Friday. The company has a market cap of $147.03 billion, a price-to-earnings ratio of 55.13, a PEG ratio of 2.32 and a beta of 1.11. The firm’s fifty day moving average is $293.34 and its 200 day moving average is $288.17. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. Adobe has a 52-week low of $204.95 and a 52-week high of $313.11.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.26 by $0.03. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same quarter in the previous year, the business posted $1.83 earnings per share. The business’s revenue was up 21.4% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe will post 6.39 earnings per share for the current fiscal year.
In other news, CMO Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $300.54, for a total value of $901,620.00. Following the transaction, the chief marketing officer now directly owns 45,528 shares in the company, valued at $13,682,985.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 9,000 shares of company stock worth $2,533,770. Company insiders own 0.32% of the company’s stock.
A number of institutional investors have recently modified their holdings of ADBE. Janus Henderson Group PLC grew its holdings in Adobe by 0.8% during the 2nd quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock worth $2,362,476,000 after acquiring an additional 60,035 shares in the last quarter. CWM LLC grew its holdings in Adobe by 27.4% during the 2nd quarter. CWM LLC now owns 934 shares of the software company’s stock worth $275,000 after acquiring an additional 201 shares in the last quarter. Wedge Capital Management L L P NC bought a new position in Adobe during the 2nd quarter worth about $310,000. Coastal Investment Advisors Inc. grew its holdings in Adobe by 45.0% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 783 shares of the software company’s stock worth $230,000 after acquiring an additional 243 shares in the last quarter. Finally, Kavar Capital Partners LLC bought a new position in Adobe during the 2nd quarter worth about $141,000. Institutional investors own 84.88% of the company’s stock.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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