Adobe (NASDAQ:ADBE) had its target price increased by Jefferies Financial Group from $350.00 to $370.00 in a research note issued to investors on Friday morning, The Fly reports.
Other equities analysts have also issued reports about the stock. Canaccord Genuity upped their target price on shares of Adobe from $320.00 to $350.00 and gave the stock a buy rating in a research note on Friday. Piper Jaffray Companies upped their target price on shares of Adobe from $339.00 to $360.00 and gave the stock an overweight rating in a research note on Friday. BidaskClub raised shares of Adobe from a strong sell rating to a sell rating in a research note on Tuesday, November 19th. Stephens set a $327.00 target price on shares of Adobe and gave the stock a buy rating in a research note on Wednesday, September 18th. Finally, Citigroup upped their target price on shares of Adobe from $313.00 to $321.00 and gave the stock a neutral rating in a research note on Tuesday, November 5th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the stock. Adobe has an average rating of Buy and a consensus target price of $319.19.
NASDAQ ADBE traded up $11.98 on Friday, reaching $317.94. The company had a trading volume of 6,444,783 shares, compared to its average volume of 1,858,577. The firm has a market capitalization of $147.03 billion, a price-to-earnings ratio of 48.47, a price-to-earnings-growth ratio of 2.32 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.74 and a current ratio of 0.74. Adobe has a 1-year low of $204.95 and a 1-year high of $321.73. The company’s fifty day moving average is $294.50 and its 200-day moving average is $288.39.
Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.26 by $0.03. The firm had revenue of $2.99 billion during 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 for the quarter was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.83 EPS. On average, research analysts forecast that Adobe will post 8.06 earnings per share for the current year.
In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $269.71, for a total transaction of $809,130.00. Following the sale, the chief marketing officer now directly owns 49,148 shares of the company’s stock, valued at approximately $13,255,707.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 9,000 shares of company stock worth $2,533,770 over the last three months. Insiders own 0.32% of the company’s stock.
Several hedge funds have recently modified their holdings of ADBE. Janus Henderson Group PLC raised its holdings in shares of Adobe by 0.8% in the 2nd quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock valued at $2,362,476,000 after purchasing an additional 60,035 shares during the period. CWM LLC raised its holdings in shares of Adobe by 27.4% in the 2nd quarter. CWM LLC now owns 934 shares of the software company’s stock valued at $275,000 after purchasing an additional 201 shares during the period. Wedge Capital Management L L P NC bought a new stake in shares of Adobe in the 2nd quarter valued at about $310,000. Coastal Investment Advisors Inc. raised its holdings in shares of Adobe by 45.0% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 783 shares of the software company’s stock valued at $230,000 after purchasing an additional 243 shares during the period. Finally, Kavar Capital Partners LLC bought a new stake in shares of Adobe in the 2nd quarter valued at about $141,000. 84.88% of the stock is currently owned by institutional investors.
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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