Adobe (NASDAQ:ADBE) Price Target Raised to $334.00 at Griffin Securities

Adobe (NASDAQ:ADBE) had its price target raised by Griffin Securities from $330.00 to $334.00 in a research note issued to investors on Friday, Briefing.com Automated Import reports. The brokerage currently has a buy rating on the software company’s stock.

A number of other research analysts have also issued reports on ADBE. Jefferies Financial Group increased their target price on shares of Adobe from $340.00 to $350.00 in a research report on Tuesday, November 5th. JMP Securities restated a hold rating on shares of Adobe in a research report on Wednesday, September 18th. UBS Group restated a buy rating and issued a $360.00 target price on shares of Adobe in a research report on Friday. Nomura cut their target price on shares of Adobe from $315.00 to $310.00 and set a buy rating on the stock in a research report on Wednesday, September 18th. Finally, Canaccord Genuity set a $320.00 target price on shares of Adobe and gave the company a buy rating in a research report on Wednesday, September 18th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $319.19.

Adobe stock traded up $11.98 during trading hours on Friday, hitting $317.94. The company had a trading volume of 6,444,783 shares, compared to its average volume of 1,858,577. The firm has a market cap of $147.03 billion, a PE ratio of 48.47, a PEG ratio of 2.32 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.74. Adobe has a one year low of $204.95 and a one year high of $321.73. The firm has a 50-day moving average of $294.50 and a 200 day moving average of $288.39.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, December 12th. The software company reported $2.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.26 by $0.03. The firm 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 business’s revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the firm earned $1.83 EPS. As a group, research analysts expect that Adobe will post 8.06 earnings per share for the current year.

In other news, CMO Ann Lewnes sold 3,000 shares of Adobe stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $269.71, for a total transaction 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 $13,255,707.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 9,000 shares of company stock valued at $2,533,770 over the last quarter. Corporate insiders own 0.32% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the stock. JJJ Advisors Inc. bought a new stake in Adobe during the 3rd quarter worth approximately $28,000. Hexavest Inc. boosted its stake in shares of Adobe by 58.2% in the 3rd quarter. Hexavest Inc. now owns 106 shares of the software company’s stock valued at $29,000 after purchasing an additional 39 shares in the last quarter. Resources Investment Advisors LLC. boosted its stake in shares of Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after purchasing an additional 50 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new stake in Adobe during the 2nd quarter valued at $34,000. Finally, Venturi Wealth Management LLC bought a new stake in Adobe during the 3rd quarter valued at $35,000. Institutional investors and hedge funds own 84.88% of the company’s stock.

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.

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