Adobe (NASDAQ:ADBE) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Adobe (NASDAQ:ADBE) from a buy rating to a strong-buy rating in a research report released on Tuesday morning.

Several other brokerages also recently weighed in on ADBE. Mizuho decreased their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Oppenheimer decreased their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Sanford C. Bernstein reduced their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Finally, Bank of America dropped their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $573.00.

Adobe Stock Up 0.9 %

Shares of Adobe stock opened at $442.70 on Tuesday. Adobe has a twelve month low of $403.75 and a twelve month high of $638.25. The stock has a market cap of $192.71 billion, a price-to-earnings ratio of 35.70, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average price of $466.93 and a 200 day moving average price of $506.42.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.52 earnings per share. Equities research analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. V2 Financial group LLC lifted its position in Adobe by 9.1% in the fourth quarter. V2 Financial group LLC now owns 1,740 shares of the software company’s stock worth $774,000 after purchasing an additional 145 shares during the period. Stiles Financial Services Inc raised its stake in shares of Adobe by 8.8% in the 4th quarter. Stiles Financial Services Inc now owns 4,715 shares of the software company’s stock worth $2,096,000 after buying an additional 380 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in shares of Adobe by 0.4% in the fourth quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 587,211 shares of the software company’s stock valued at $257,550,000 after buying an additional 2,471 shares during the period. Kestra Private Wealth Services LLC boosted its stake in Adobe by 2.4% during the fourth quarter. Kestra Private Wealth Services LLC now owns 13,271 shares of the software company’s stock valued at $5,901,000 after buying an additional 308 shares in the last quarter. Finally, Stephens Inc. AR grew its holdings in Adobe by 8.3% during the fourth quarter. Stephens Inc. AR now owns 45,862 shares of the software company’s stock worth $20,394,000 after acquiring an additional 3,524 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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.