Adobe (NASDAQ:ADBE) Given Buy Rating at DA Davidson

Adobe (NASDAQ:ADBE)‘s stock had its “buy” rating restated by equities researchers at DA Davidson in a note issued to investors on Friday, Benzinga reports. They presently have a $685.00 price target on the software company’s stock. DA Davidson’s target price would suggest a potential upside of 33.30% from the company’s previous close.

Several other research firms also recently weighed in on ADBE. Citigroup upped their price target on shares of Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 12th. Stifel Nicolaus cut their price objective on shares of Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday. TD Cowen decreased their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Royal Bank of Canada decreased their price objective on Adobe from $650.00 to $630.00 and set an “outperform” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $627.00.

Adobe Stock Up 4.3 %

Adobe stock traded up $21.40 during midday trading on Friday, reaching $513.86. The company’s stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The stock’s 50-day simple moving average is $584.71 and its 200-day simple moving average is $574.06. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.34 and a quick ratio of 1.34. The stock has a market capitalization of $232.55 billion, a P/E ratio of 49.05, a PEG ratio of 3.03 and a beta of 1.29. Adobe has a 52-week low of $331.89 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 38.97% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.97 EPS. On average, sell-side analysts expect that Adobe will post 14.46 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold a total of 44,162 shares of company stock valued at $26,276,030 over the last quarter. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of the company. Iron Horse Wealth Management LLC purchased a new position in Adobe during the 3rd quarter valued at about $25,000. HBC Financial Services PLLC purchased a new stake in Adobe in the 3rd quarter valued at approximately $25,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new position in shares of Adobe in the fourth quarter worth $29,000. Finally, Halpern Financial Inc. lifted its position in shares of Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 44 shares in the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

About Adobe

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.