Adobe (NASDAQ:ADBE) Price Target Raised to $317.00 at Griffin Securities

Adobe (NASDAQ:ADBE) had its target price upped by Griffin Securities from $303.00 to $317.00 in a research report sent to investors on Wednesday morning, Briefing.com Automated Import reports. They currently have a buy rating on the software company’s stock.

Other equities analysts have also recently issued reports about the stock. Royal Bank of Canada decreased their target price on shares of Adobe from $320.00 to $315.00 and set an outperform rating for the company in a research note on Wednesday. Stephens set a $327.00 target price on shares of Adobe and gave the company a buy rating in a research note on Tuesday, September 3rd. BMO Capital Markets reiterated an outperform rating and issued a $310.00 target price (down from $315.00) on shares of Adobe in a research note on Wednesday. Credit Suisse Group boosted their target price on shares of Adobe from $300.00 to $325.00 and gave the company a positive rating in a research note on Wednesday, June 19th. Finally, BidaskClub cut shares of Adobe from a hold rating to a sell rating in a research note on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $302.65.

ADBE opened at $277.91 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.70. The firm has a fifty day moving average price of $285.63 and a 200 day moving average price of $281.81. Adobe has a 1 year low of $204.95 and a 1 year high of $313.11. The stock has a market cap of $135.79 billion, a P/E ratio of 45.86, a P/E/G ratio of 2.54 and a beta of 1.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.08. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period in the previous year, the business posted $1.73 EPS. The business’s revenue was up 23.7% compared to the same quarter last year. Equities analysts expect that Adobe will post 6.3 EPS for the current year.

In related news, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total value of $921,390.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles M. Geschke sold 13,795 shares of the business’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. In the last three months, insiders sold 25,627 shares of company stock valued at $7,471,484. 0.32% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in the company. Shine Investment Advisory Services Inc. grew its holdings in shares of Adobe by 1.3% during the second quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock worth $748,000 after buying an additional 33 shares in the last quarter. Rockland Trust Co. boosted its position in shares of Adobe by 1.3% during the 2nd quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock valued at $874,000 after acquiring an additional 37 shares during the last quarter. First National Bank of Hutchinson boosted its position in shares of Adobe by 1.5% during the 2nd quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock valued at $766,000 after acquiring an additional 37 shares during the last quarter. Zions Bancorporation N.A. boosted its position in shares of Adobe by 0.8% during the 2nd quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock valued at $1,343,000 after acquiring an additional 38 shares during the last quarter. Finally, Associated Banc Corp boosted its position in shares of Adobe by 1.1% during the 1st quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after acquiring an additional 39 shares during the last quarter. 86.03% 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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