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

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

Other equities research analysts have also issued research reports about the stock. Bank of America raised their target price on shares of Adobe from $630.00 to $660.00 and gave the stock a “buy” rating in a report on Friday. TD Cowen raised their target price on shares of Adobe from $600.00 to $630.00 and gave the stock an “outperform” rating in a report on Friday. Evercore ISI raised their target price on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a report on Friday. UBS Group raised their target price on shares of Adobe from $525.00 to $600.00 and gave the stock a “neutral” rating in a report on Wednesday, September 6th. Finally, Citigroup raised their target price on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a report on Wednesday, September 13th. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.15.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $0.82 on Tuesday, reaching $533.24. The company’s stock had a trading volume of 228,168 shares, compared to its average volume of 3,206,025. Adobe has a 52-week low of $274.73 and a 52-week high of $570.24. The company has a market cap of $243.05 billion, a P/E ratio of 48.00, a PEG ratio of 3.17 and a beta of 1.33. The company has a 50-day simple moving average of $530.08 and a 200 day simple moving average of $443.78. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same period last year, the company posted $2.63 EPS. The business’s revenue was up 10.3% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe will post 12.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares in the company, valued at approximately $8,387,347.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the transaction, the executive vice president now owns 17,466 shares in the company, valued at approximately $8,387,347.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock worth $20,720,115 in the last 90 days. 0.24% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the business. Graham Capital Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter worth $204,246,000. Fiduciary Alliance LLC purchased a new stake in Adobe during the second quarter worth $32,000. Independence Bank of Kentucky boosted its holdings in Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after buying an additional 46 shares in the last quarter. Glass Jacobson Investment Advisors llc purchased a new stake in Adobe during the second quarter worth $34,000. Finally, NewSquare Capital LLC lifted its holdings in Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 80.00% 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.