Adobe Inc. (NASDAQ:ADBE) Receives $570.88 Average PT from Brokerages

Adobe Inc. (NASDAQ:ADBE - Get Free Report) has earned an average recommendation of "Moderate Buy" from the twenty-nine ratings firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, eleven have assigned a hold recommendation, sixteen have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $570.88.

ADBE has been the topic of several research analyst reports. BMO Capital Markets dropped their target price on Adobe from $570.00 to $515.00 and set an "outperform" rating on the stock in a research note on Wednesday, February 19th. Royal Bank of Canada restated an "outperform" rating and set a $590.00 target price on shares of Adobe in a research note on Thursday, February 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Thursday, December 12th. Citigroup dropped their target price on Adobe from $616.00 to $590.00 and set a "neutral" rating on the stock in a research note on Monday, December 9th. Finally, Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an "outperform" rating on the stock in a research note on Thursday, December 12th.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 334 shares of the company's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company's stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company's stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now directly owns 22,153 shares of the company's stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 5,681 shares of company stock valued at $2,525,126. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently bought and sold shares of ADBE. Norges Bank purchased a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC increased its stake in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. Two Sigma Advisers LP increased its stake in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Adobe during the 4th quarter worth approximately $365,750,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.3 %

Shares of NASDAQ:ADBE traded up $1.30 on Friday, reaching $438.49. The company had a trading volume of 3,936,248 shares, compared to its average volume of 3,474,121. Adobe has a 52-week low of $403.75 and a 52-week high of $587.75. The firm's 50 day simple moving average is $439.71 and its 200-day simple moving average is $490.59. The firm has a market capitalization of $190.87 billion, a PE ratio of 35.36, a PEG ratio of 2.15 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.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. The business's revenue was up 11.1% compared to the same quarter last year. As a group, analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

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.