Shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) have been assigned an average recommendation of “Hold” from the thirty-two brokerages that are presently covering the stock, MarketBeat.com reports. Thirteen equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $413.31.
A number of brokerages recently issued reports on ADBE. Morgan Stanley boosted their price objective on shares of Adobe from $337.00 to $382.00 and gave the company an “equal weight” rating in a report on Friday, December 16th. UBS Group lifted their price target on shares of Adobe from $320.00 to $350.00 in a research note on Monday, December 12th. Credit Suisse Group cut their price target on shares of Adobe from $350.00 to $325.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 19th. Mizuho lifted their price target on shares of Adobe from $360.00 to $370.00 and gave the company a “neutral” rating in a research note on Friday, December 16th. Finally, Piper Sandler lifted their price target on shares of Adobe from $380.00 to $415.00 and gave the company an “overweight” rating in a research note on Monday, January 9th.
Adobe Stock Down 1.4 %
Shares of NASDAQ:ADBE opened at $378.36 on Thursday. Adobe has a one year low of $274.73 and a one year high of $522.48. The company has a 50 day moving average of $347.06 and a 200-day moving average of $346.89. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. The stock has a market cap of $173.21 billion, a price-to-earnings ratio of 37.46, a P/E/G ratio of 2.34 and a beta of 1.23.
Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Thursday, December 15th. The software company reported $2.78 EPS for the quarter, hitting the consensus estimate of $2.78. Adobe had a net margin of 27.01% and a return on equity of 36.74%. The company had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.52 billion. On average, sell-side analysts forecast that Adobe will post 12.15 earnings per share for the current year.
Insider Buying and Selling at Adobe
In related news, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction dated Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total value of $1,690,714.74. Following the transaction, the executive vice president now directly owns 14,832 shares in the company, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares in the company, valued at $1,105,598. The disclosure for this sale can be found here. Insiders have sold a total of 26,265 shares of company stock worth $9,067,344 over the last ninety days. Insiders own 0.23% of the company’s stock.
Institutional Investors Weigh In On Adobe
Several institutional investors and hedge funds have recently bought and sold shares of the company. VELA Investment Management LLC lifted its holdings in shares of Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after acquiring an additional 1,077 shares during the last quarter. Bornite Capital Management LP bought a new position in Adobe in the 1st quarter valued at approximately $15,947,000. United Bank raised its holdings in Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC raised its holdings in Adobe by 138.3% in the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares during the last quarter. Institutional investors own 79.36% of the company’s stock.
About Adobe
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.