Adobe (NASDAQ:ADBE) Upgraded at BidaskClub

BidaskClub upgraded shares of Adobe (NASDAQ:ADBE) from a strong sell rating to a sell rating in a research report released on Tuesday morning, BidAskClub reports.

Several other analysts have also recently weighed in on the company. Citigroup boosted their price objective on Adobe from $313.00 to $321.00 and gave the stock a neutral rating in a report on Tuesday, November 5th. BMO Capital Markets lowered their price target on Adobe from $310.00 to $300.00 and set an outperform rating for the company in a research note on Monday, October 21st. Credit Suisse Group set a $325.00 price target on Adobe and gave the company a buy rating in a research note on Tuesday, September 17th. JPMorgan Chase & Co. upped their price target on Adobe from $318.00 to $322.00 and gave the company a neutral rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity set a $320.00 price target on Adobe and gave the company a buy rating in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and thirteen have assigned a buy rating to the company. Adobe presently has an average rating of Hold and an average price target of $304.88.

Shares of NASDAQ:ADBE opened at $298.80 on Tuesday. The stock has a market capitalization of $145.51 billion, a P/E ratio of 49.28, a P/E/G ratio of 2.90 and a beta of 1.09. Adobe has a 1-year low of $204.95 and a 1-year high of $313.11. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $279.74 and a two-hundred day moving average price of $285.35.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.73 EPS. As a group, equities analysts predict that Adobe will post 6.39 EPS for the current year.

In related news, CMO Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $269.71, for a total value of $809,130.00. Following the completion of the transaction, the chief marketing officer now directly owns 49,148 shares in the company, valued at approximately $13,255,707.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 9,000 shares of company stock valued at $2,533,770 over the last quarter. 0.32% of the stock is owned by insiders.

A number of large investors have recently added to or reduced their stakes in the business. MUFG Americas Holdings Corp boosted its position in Adobe by 3.2% during the 3rd quarter. MUFG Americas Holdings Corp now owns 41,724 shares of the software company’s stock worth $11,526,000 after acquiring an additional 1,289 shares during the last quarter. Cetera Investment Advisers boosted its position in Adobe by 11.8% during the 3rd quarter. Cetera Investment Advisers now owns 1,997 shares of the software company’s stock worth $550,000 after acquiring an additional 210 shares during the last quarter. Financial Architects Inc boosted its position in Adobe by 3.7% during the 3rd quarter. Financial Architects Inc now owns 1,616 shares of the software company’s stock worth $446,000 after acquiring an additional 58 shares during the last quarter. WT Wealth Management acquired a new position in Adobe during the 3rd quarter worth approximately $791,000. Finally, First Allied Advisory Services Inc. boosted its position in Adobe by 48.5% during the 3rd quarter. First Allied Advisory Services Inc. now owns 9,739 shares of the software company’s stock worth $2,697,000 after acquiring an additional 3,182 shares during the last quarter. 86.71% of the stock is owned by hedge funds and other institutional investors.

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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