Adobe (NASDAQ:ADBE) PT Raised to $680.00 at Oppenheimer

Adobe (NASDAQ:ADBE) had its price objective hoisted by Oppenheimer from $600.00 to $680.00 in a research note published on Wednesday, The Fly reports. The firm currently has an outperform rating on the software company’s stock.

A number of other analysts have also recently issued reports on ADBE. Morgan Stanley increased their target price on Adobe from $610.00 to $736.00 and gave the stock an overweight rating in a research note on Wednesday, September 15th. They noted that the move was a valuation call. Guggenheim restated a hold rating on shares of Adobe in a report on Wednesday. UBS Group upped their price objective on Adobe from $625.00 to $690.00 and gave the stock a buy rating in a research report on Wednesday. Wells Fargo & Company began coverage on Adobe in a research note on Monday, September 20th. They issued an overweight rating and a $770.00 target price on the stock. Finally, Royal Bank of Canada increased their target price on shares of Adobe from $575.00 to $650.00 and gave the stock an outperform rating in a report on Friday, June 18th. Four investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of Buy and an average price target of $679.57.

Shares of NASDAQ:ADBE opened at $622.71 on Wednesday. The company has a 50 day moving average price of $639.91 and a two-hundred day moving average price of $558.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.31 and a current ratio of 1.31. The company has a market capitalization of $296.66 billion, a PE ratio of 53.96, a PEG ratio of 3.42 and a beta of 0.97. Adobe has a 52 week low of $420.78 and a 52 week high of $673.88.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Monday, September 20th. The software company reported $3.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.01 by $0.10. The company had revenue of $3.94 billion during the quarter, compared to analyst estimates of $3.90 billion. Adobe had a net margin of 38.79% and a return on equity of 35.94%. During the same quarter in the previous year, the business earned $2.12 EPS. The firm’s revenue was up 22.0% on a year-over-year basis. On average, sell-side analysts forecast that Adobe will post 10.28 earnings per share for the current year.

In related news, EVP Scott Belsky sold 2,750 shares of the firm’s stock in a transaction that occurred on Monday, June 28th. The shares were sold at an average price of $582.71, for a total value of $1,602,452.50. Following the completion of the transaction, the executive vice president now owns 25,665 shares in the company, valued at approximately $14,955,252.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CMO Ann Lewnes sold 1,164 shares of the company’s stock in a transaction that occurred on Friday, July 30th. The shares were sold at an average price of $619.03, for a total transaction of $720,550.92. Following the completion of the transaction, the chief marketing officer now owns 25,672 shares of the company’s stock, valued at $15,891,738.16. The disclosure for this sale can be found here. In the last three months, insiders have sold 4,487 shares of company stock valued at $2,681,010. Insiders own 0.23% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Ten Capital Wealth Advisors LLC grew its stake in Adobe by 5.9% during the second quarter. Ten Capital Wealth Advisors LLC now owns 289 shares of the software company’s stock worth $169,000 after purchasing an additional 16 shares during the period. Reilly Financial Advisors LLC boosted its holdings in Adobe by 1.2% in the second quarter. Reilly Financial Advisors LLC now owns 1,467 shares of the software company’s stock worth $859,000 after acquiring an additional 17 shares in the last quarter. Beaumont Financial Partners LLC increased its holdings in shares of Adobe by 1.0% during the second quarter. Beaumont Financial Partners LLC now owns 1,742 shares of the software company’s stock valued at $1,023,000 after acquiring an additional 17 shares in the last quarter. EPG Wealth Management LLC lifted its holdings in shares of Adobe by 1.6% in the 2nd quarter. EPG Wealth Management LLC now owns 1,054 shares of the software company’s stock worth $617,000 after purchasing an additional 17 shares in the last quarter. Finally, Windward Capital Management Co. CA lifted its holdings in shares of Adobe by 1.2% in the 2nd quarter. Windward Capital Management Co. CA now owns 1,477 shares of the software company’s stock worth $865,000 after purchasing an additional 18 shares in the last quarter. 81.67% of the stock is owned by hedge funds and other institutional investors.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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