Argus Boosts Adobe (NASDAQ:ADBE) Price Target to $611.00

Adobe (NASDAQ:ADBE) had its target price upped by research analysts at Argus from $565.00 to $611.00 in a report released on Tuesday, FlyOnTheWall reports. Argus’ price target would indicate a potential upside of 14.58% from the company’s current price.

Several other equities research analysts have also commented on ADBE. Wells Fargo & Company boosted their price objective on shares of Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 12th. Jefferies Financial Group boosted their price objective on shares of Adobe from $600.00 to $660.00 and gave the stock a “buy” rating in a research report on Monday, September 11th. Evercore ISI boosted their price objective on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a research report on Friday. TD Cowen boosted their price objective on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a research report on Friday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $615.00 price objective on shares of Adobe in a research report on Friday. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $588.15.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $0.82 during trading on Tuesday, hitting $533.24. 228,168 shares of the company were exchanged, compared to its average volume of 3,206,025. The company has a market cap of $243.05 billion, a price-to-earnings ratio of 48.00, a PEG ratio of 3.17 and a beta of 1.33. Adobe has a 1 year low of $274.73 and a 1 year high of $570.24. The firm’s fifty day moving average price is $530.08 and its 200 day moving average price is $443.78. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.25 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. The company had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The business’s revenue was up 10.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.63 EPS. On average, sell-side analysts expect that Adobe will post 12.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $520.00, for a total transaction of $1,139,320.00. Following the completion of the sale, the executive vice president now directly owns 23,775 shares of the company’s stock, valued at approximately $12,363,000. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently made changes to their positions in the business. Bank Julius Baer & Co. Ltd Zurich boosted its stake in shares of Adobe by 98,757.4% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock valued at $240,236,160,000 after buying an additional 490,793,569 shares during the last quarter. State Street Corp boosted its stake in shares of Adobe by 1.2% during the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock valued at $9,223,377,000 after buying an additional 229,776 shares during the last quarter. Morgan Stanley boosted its stake in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Adobe by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 9,762,185 shares of the software company’s stock valued at $4,762,147,000 after buying an additional 301,062 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at approximately $1,757,029,000. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Company Profile

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.