Adobe (NASDAQ:ADBE) Receives Overweight Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Friday, Benzinga reports. Piper Sandler currently has a $635.00 price objective on the software company’s stock.

Several other research analysts have also weighed in on the company. Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock an overweight rating in a research report on Wednesday, September 4th. BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an outperform rating in a research note on Friday, June 14th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Wells Fargo & Company upped their price objective on Adobe from $675.00 to $700.00 and gave the company an overweight rating in a research note on Friday, June 14th. Finally, StockNews.com lowered Adobe from a buy rating to a hold rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of Moderate Buy and a consensus price target of $606.58.

Adobe Price Performance

Shares of ADBE opened at $521.50 on Friday. The company has a 50 day moving average of $552.68 and a 200-day moving average of $519.46. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $231.23 billion, a P/E ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock valued at $14,855,543 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Steph & Co. lifted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% in the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares during the last quarter. Choreo LLC boosted its holdings in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares in the last quarter. Eagle Asset Management Inc. grew its position in Adobe by 14.7% during the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after acquiring an additional 3,120 shares during the last quarter. Finally, Quest Partners LLC increased its holdings in Adobe by 23.3% in the 2nd quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 111 shares in the last quarter. 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.