Adobe (NASDAQ:ADBE) PT Raised to $350.00

Adobe (NASDAQ:ADBE) had its target price increased by analysts at BMO Capital Markets from $300.00 to $350.00 in a report issued on Wednesday, Marketbeat.com reports. The brokerage currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price target indicates a potential upside of 14.39% from the stock’s previous close.

ADBE has been the topic of several other research reports. Stifel Nicolaus reissued a “neutral” rating and issued a $325.00 price target on shares of Adobe in a research note on Wednesday, September 18th. JMP Securities reaffirmed a “hold” rating on shares of Adobe in a research report on Wednesday, September 18th. Citigroup increased 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. Wedbush reissued a “hold” rating and issued a $290.00 target price on shares of Adobe in a research report on Wednesday, September 18th. Finally, BidaskClub raised Adobe from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 19th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $307.92.

Shares of NASDAQ:ADBE opened at $305.96 on Wednesday. Adobe has a 12 month low of $204.95 and a 12 month high of $313.11. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 0.10. The company’s fifty day simple moving average is $293.34 and its 200 day simple moving average is $288.17. The firm has a market cap of $147.03 billion, a price-to-earnings ratio of 55.13, a PEG ratio of 2.32 and a beta of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, December 12th. The software company reported $2.29 EPS for the quarter, beating the consensus estimate of $2.26 by $0.03. The business had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.97 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 EPS. Research analysts expect that Adobe will post 6.39 earnings per share for the current fiscal year.

In other Adobe news, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total value of $823,020.00. Following the completion of the transaction, the chief marketing officer now directly owns 52,398 shares in the company, valued at $14,374,867.32. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 9,000 shares of company stock valued at $2,533,770 over the last three months. Insiders own 0.32% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. JJJ Advisors Inc. bought a new position in Adobe during the third quarter worth about $28,000. Resources Investment Advisors LLC. lifted its position in shares of Adobe by 94.3% in the second quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after buying an additional 50 shares during the last quarter. Hexavest Inc. lifted its position in shares of Adobe by 58.2% in the third quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after buying an additional 39 shares during the last quarter. Massey Quick Simon & CO. LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $34,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Adobe in the third quarter valued at approximately $35,000. 84.88% of the stock is currently owned by hedge funds and other institutional investors.

About Adobe

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.

Further Reading: S&P/ASX 200 Index

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