Shares of Adobe Inc. (NASDAQ:ADBE – Get Free Report) have received an average rating of “Moderate Buy” from the thirty brokerages that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation and twenty-one have given a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $607.67.
A number of analysts recently weighed in on ADBE shares. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research note on Friday, June 14th. TD Cowen lowered their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. DA Davidson reaffirmed a “buy” rating and set a $685.00 target price on shares of Adobe in a research report on Thursday, March 28th. Finally, Oppenheimer reissued an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research report on Friday, June 14th.
View Our Latest Research Report on Adobe
Insider Buying and Selling
Hedge Funds Weigh In On Adobe
Several institutional investors and hedge funds have recently modified their holdings of the business. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at about $35,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, LifeSteps Financial Inc. purchased a new position in Adobe in the 1st quarter valued at about $47,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.
Adobe Price Performance
Adobe stock opened at $555.54 on Friday. The stock has a market cap of $246.33 billion, a price-to-earnings ratio of 49.91, a price-to-earnings-growth ratio of 2.85 and a beta of 1.27. The firm has a 50-day moving average of $485.04 and a two-hundred day moving average of $534.90. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. On average, research analysts forecast that Adobe will post 14.69 earnings per share for the current year.
Adobe announced that its Board of Directors has approved a share repurchase program on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
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.
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