Analysts Set Adobe Inc. (NASDAQ:ADBE) PT at $620.72

Adobe Inc. (NASDAQ:ADBE) has earned an average rating of “Moderate Buy” from the twenty-seven ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, six have given a hold recommendation and nineteen have issued a buy recommendation on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $620.72.

A number of brokerages recently weighed in on ADBE. Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Piper Sandler reissued an “overweight” rating and set a $700.00 price target on shares of Adobe in a research report on Wednesday, March 27th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Thursday, March 28th. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a report on Friday, March 15th. Finally, TheStreet cut Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $493.59 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a 1-year low of $331.89 and a 1-year high of $638.25. The stock has a market capitalization of $221.13 billion, a P/E ratio of 47.19, a P/E/G ratio of 2.63 and a beta of 1.28. The business has a 50-day moving average price of $507.00 and a two-hundred day moving average price of $561.34.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. Adobe’s revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.97 earnings per share. Equities analysts predict that Adobe will post 14.55 earnings per share for the current year.

Adobe announced that its board has initiated a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $468.41, for a total value of $45,435.77. Following the sale, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $468.41, for a total value of $45,435.77. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,933,596.48. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares in the company, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently modified their holdings of the business. Morgan Stanley boosted its stake in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after purchasing an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Adobe by 10.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe during the fourth quarter worth $3,277,785,000. Northern Trust Corp increased its holdings in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares in the last quarter. Finally, Jennison Associates LLC boosted its holdings in shares of Adobe by 12.3% during the 3rd quarter. Jennison Associates LLC now owns 4,561,859 shares of the software company’s stock valued at $2,326,092,000 after acquiring an additional 498,957 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.