Adobe (NASDAQ:ADBE) Given New $360.00 Price Target at Piper Jaffray Companies

Adobe (NASDAQ:ADBE) had its price target increased by stock analysts 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 firm currently has an “overweight” rating on the software company’s stock. Piper Jaffray Companies’ price target suggests a potential upside of 17.66% from the company’s current price.

A number of other brokerages have also issued reports on ADBE. BidaskClub raised shares of Adobe from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 19th. Credit Suisse Group set a $325.00 target price on shares of Adobe and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Stephens set a $327.00 target price on shares of Adobe and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada raised their target price on shares of Adobe to $345.00 and gave the stock 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. The company currently has an average rating of “Hold” and a consensus target price of $311.78.

Shares of Adobe stock opened at $305.96 on Friday. The firm has a market cap of $147.03 billion, a PE ratio of 55.13, a price-to-earnings-growth ratio of 2.32 and a beta of 1.11. Adobe has a 12-month low of $204.95 and a 12-month high of $313.11. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $293.34 and its two-hundred day simple moving average is $288.17.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.26 by $0.03. The business had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.97 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.83 EPS. As a group, sell-side analysts expect that Adobe will post 6.39 earnings per share for the current fiscal year.

In related news, CMO Ann Lewnes sold 3,000 shares of Adobe stock in a transaction dated Wednesday, September 18th. The shares were sold at an average price of $274.34, for a total transaction of $823,020.00. Following the completion of the transaction, the chief marketing officer now directly owns 52,398 shares of the company’s stock, valued at approximately $14,374,867.32. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last three months, insiders have sold 9,000 shares of company stock valued at $2,533,770. 0.32% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of the business. Night Owl Capital Management LLC raised its holdings in Adobe by 1.2% in the third quarter. Night Owl Capital Management LLC now owns 34,697 shares of the software company’s stock worth $9,585,000 after buying an additional 419 shares during the last quarter. Bank of Hawaii raised its holdings in Adobe by 33.6% in the third quarter. Bank of Hawaii now owns 2,886 shares of the software company’s stock worth $797,000 after buying an additional 726 shares during the last quarter. IHT Wealth Management LLC raised its holdings in Adobe by 16.4% in the third quarter. IHT Wealth Management LLC now owns 1,588 shares of the software company’s stock worth $439,000 after buying an additional 224 shares during the last quarter. Cleararc Capital Inc. raised its holdings in Adobe by 0.6% in the third quarter. Cleararc Capital Inc. now owns 7,326 shares of the software company’s stock worth $2,024,000 after buying an additional 46 shares during the last quarter. Finally, National Pension Service raised its holdings in Adobe by 5.0% in the third quarter. National Pension Service now owns 541,909 shares of the software company’s stock worth $149,702,000 after buying an additional 25,566 shares during the last quarter. 84.88% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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