UBS Group Boosts Adobe (NASDAQ:ADBE) Price Target to $690.00

Adobe (NASDAQ:ADBE) had its target price increased by UBS Group from $625.00 to $690.00 in a research note released on Wednesday morning, The Fly reports. They currently have a buy rating on the software company’s stock.

Other analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Adobe from $595.00 to $660.00 and gave the company an overweight rating in a research note on Friday, June 18th. Argus upped their price objective on Adobe from $650.00 to $764.00 and gave the company a buy rating in a research note on Friday, September 3rd. Guggenheim restated a hold rating on shares of Adobe in a research report on Wednesday. Jefferies Financial Group upped their price target on Adobe from $750.00 to $760.00 and gave the company a buy rating in a research report on Wednesday. Finally, Bank of America lifted their price objective on Adobe from $570.00 to $640.00 and gave the company a buy 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 MarketBeat, Adobe presently has a consensus rating of Buy and a consensus target price of $679.57.

Shares of ADBE stock opened at $622.71 on Wednesday. Adobe has a 12 month low of $420.78 and a 12 month high of $673.88. The company has a market capitalization of $296.66 billion, a P/E ratio of 53.96, a P/E/G ratio of 3.42 and a beta of 0.97. The stock has a 50 day moving average of $639.91 and a two-hundred day moving average of $558.92. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, September 20th. The software company reported $3.11 EPS for the quarter, topping the consensus estimate of $3.01 by $0.10. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.90 billion. Adobe’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period last year, the business earned $2.12 earnings per share. Sell-side analysts predict that Adobe will post 10.28 earnings per share for the current fiscal year.

In other news, EVP Scott Belsky sold 2,750 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now owns 25,665 shares of the company’s stock, valued at approximately $14,955,252.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 1,164 shares of the 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 in the company, valued at $15,891,738.16. The disclosure for this sale can be found here. Insiders have sold 4,487 shares of company stock worth $2,681,010 in the last ninety days. 0.23% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC increased its stake in shares of Adobe by 0.7% in the 2nd quarter. FMR LLC now owns 23,568,183 shares of the software company’s stock valued at $13,802,471,000 after acquiring an additional 165,449 shares during the last quarter. State Street Corp increased its stake in Adobe by 0.6% in the second quarter. State Street Corp now owns 18,951,950 shares of the software company’s stock valued at $11,099,020,000 after purchasing an additional 111,828 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Adobe by 0.8% in the first quarter. Bank of New York Mellon Corp now owns 8,574,479 shares of the software company’s stock worth $4,076,052,000 after purchasing an additional 65,913 shares during the period. Geode Capital Management LLC boosted its position in shares of Adobe by 2.5% during the second quarter. Geode Capital Management LLC now owns 8,253,684 shares of the software company’s stock worth $4,820,799,000 after purchasing an additional 202,966 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in shares of Adobe by 7.8% in the 1st quarter. Janus Henderson Group PLC now owns 7,268,925 shares of the software company’s stock valued at $3,455,410,000 after buying an additional 527,558 shares during the period. Hedge funds and other institutional investors own 81.67% of the company’s stock.

Adobe Company Profile

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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