Adobe (NASDAQ:ADBE) Rating Increased to Strong-Buy at Phillip Securities

Phillip Securities upgraded shares of Adobe (NASDAQ:ADBE) from a moderate sell rating to a strong-buy rating in a research report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. DA Davidson reduced their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 target price on shares of Adobe in a research report on Friday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Finally, Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $494.67.

Adobe Price Performance

Adobe stock opened at $401.73 on Monday. 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 market capitalization of $171.22 billion, a PE ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a 50-day moving average price of $388.00 and a two-hundred day moving average price of $419.64.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Siemens Fonds Invest GmbH increased its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. 1248 Management LLC acquired a new position in shares of Adobe during the 1st quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth approximately $26,000. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.