Adobe (NASDAQ:ADBE) Lifted to “Buy” at BidaskClub

BidaskClub upgraded shares of Adobe (NASDAQ:ADBE) from a hold rating to a buy rating in a report published on Monday morning, BidAskClub reports.

Several other equities research analysts have also recently weighed in on the company. Bank of America increased their price objective on Adobe from $312.00 to $323.00 and gave the company a buy rating in a research report on Wednesday, June 19th. Royal Bank of Canada reissued an outperform rating and issued a $295.00 price objective on shares of Adobe in a research report on Wednesday, June 19th. Credit Suisse Group increased their price objective on Adobe from $300.00 to $325.00 and gave the company a positive rating in a research report on Wednesday, June 19th. Barclays raised their target price on Adobe from $304.00 to $330.00 and gave the stock an overweight rating in a research report on Wednesday, June 19th. Finally, Wedbush raised their target price on Adobe from $270.00 to $290.00 and gave the stock a neutral rating in a research report on Wednesday, June 19th. Nine research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. The company currently has an average rating of Buy and a consensus price target of $300.70.

ADBE opened at $288.72 on Monday. Adobe has a 1-year low of $204.95 and a 1-year high of $304.00. The company has a quick ratio of 0.97, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $142.29 billion, a PE ratio of 52.02, a price-to-earnings-growth ratio of 2.72 and a beta of 1.12. The company has a 50 day simple moving average of $278.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The company had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the business earned $1.66 earnings per share. Adobe’s revenue for the quarter was up 25.0% compared to the same quarter last year. Equities research analysts anticipate that Adobe will post 6.3 EPS for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 1,177 shares of Adobe stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $269.47, for a total transaction of $317,166.19. Following the completion of the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at $4,335,233.36. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $272.18, for a total value of $816,540.00. Following the transaction, the chief marketing officer now directly owns 64,458 shares of the company’s stock, valued at $17,544,178.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 52,981 shares of company stock valued at $14,744,006. Company insiders own 0.32% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Carderock Capital Management Inc. increased its stake in shares of Adobe by 133.8% in the first quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock valued at $3,059,000 after buying an additional 6,569 shares in the last quarter. Glaxis Capital Management LLC acquired a new stake in shares of Adobe in the first quarter valued at $1,892,000. Bruderman Asset Management LLC increased its stake in shares of Adobe by 81.0% in the fourth quarter. Bruderman Asset Management LLC now owns 1,249 shares of the software company’s stock valued at $283,000 after buying an additional 559 shares in the last quarter. Retirement Systems of Alabama increased its stake in shares of Adobe by 0.6% in the first quarter. Retirement Systems of Alabama now owns 227,106 shares of the software company’s stock valued at $60,521,000 after buying an additional 1,294 shares in the last quarter. Finally, B.S. Pension Fund Trustee Ltd acting for the British Steel Pension Fund acquired a new stake in shares of Adobe in the fourth quarter valued at $1,229,000. 85.81% of the stock is owned by 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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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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