JPMorgan Chase & Co. Raises Adobe (NASDAQ:ADBE) Price Target to $680.00

Adobe (NASDAQ:ADBE) had its price objective upped by JPMorgan Chase & Co. from $660.00 to $680.00 in a research note published on Wednesday morning, The Fly reports. They currently have an overweight rating on the software company’s stock.

A number of other research analysts also recently issued reports on the stock. The Goldman Sachs Group boosted their target price on shares of Adobe from $735.00 to $765.00 and gave the company a buy rating in a research report on Wednesday. UBS Group boosted their target price on shares of Adobe from $625.00 to $690.00 and gave the company a buy rating in a research report on Wednesday. Cowen boosted their target price on shares of Adobe from $650.00 to $700.00 and gave the company an outperform rating in a research report on Friday, September 10th. boosted their target price on shares of Adobe from $523.00 to $575.00 and gave the company a neutral rating in a research report on Friday, June 18th. Finally, Barclays boosted their target price on shares of Adobe from $660.00 to $740.00 and gave the company an overweight rating in a research report on Thursday, September 16th. Four equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of Buy and an average price target of $679.57.

NASDAQ:ADBE opened at $626.08 on Wednesday. Adobe has a 12 month low of $420.78 and a 12 month high of $673.88. The firm has a fifty day simple moving average of $639.08 and a 200-day simple moving average of $556.17. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $298.26 billion, a P/E ratio of 54.25, a PEG ratio of 3.42 and a beta of 0.97.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 21st. The software company reported $3.11 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.01 by $0.10. Adobe had a net margin of 38.79% and a return on equity of 35.94%. The business had revenue of $3.94 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period in the previous year, the firm posted $2.12 earnings per share. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. Equities analysts forecast that Adobe will post 10.28 EPS for the current year.

In related news, CMO Ann Lewnes sold 1,164 shares of the company’s stock in a transaction dated 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 sale, the chief marketing officer now owns 25,672 shares of the company’s stock, valued at approximately $15,891,738.16. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Gloria Chen sold 42 shares of the company’s stock in a transaction dated Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total transaction of $27,704.46. Following the sale, the executive vice president now directly owns 11,831 shares of the company’s stock, valued at approximately $7,804,082.53. The disclosure for this sale can be found here. Insiders have sold 4,530 shares of company stock valued at $2,705,892 in the last three months. Corporate insiders own 0.23% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Factory Mutual Insurance Co. grew its stake in Adobe by 38.7% during the 1st quarter. Factory Mutual Insurance Co. now owns 134,059 shares of the software company’s stock valued at $63,727,000 after acquiring an additional 37,409 shares in the last quarter. Verdence Capital Advisors LLC grew its stake in Adobe by 19.7% during the 1st quarter. Verdence Capital Advisors LLC now owns 2,665 shares of the software company’s stock valued at $1,267,000 after acquiring an additional 438 shares in the last quarter. FIL Ltd grew its stake in Adobe by 110.9% during the 1st quarter. FIL Ltd now owns 289,374 shares of the software company’s stock valued at $137,559,000 after acquiring an additional 152,168 shares in the last quarter. South State Corp boosted its holdings in Adobe by 0.6% in the 2nd quarter. South State Corp now owns 31,034 shares of the software company’s stock valued at $18,175,000 after purchasing an additional 193 shares during the last quarter. Finally, Artemis Investment Management LLP boosted its holdings in Adobe by 50.1% in the 2nd quarter. Artemis Investment Management LLP now owns 59,323 shares of the software company’s stock valued at $34,792,000 after purchasing an additional 19,800 shares during the last quarter. 81.67% of the stock is owned by 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.

Recommended Story: Why does the United States have a lingering trade deficit?

The Fly logo

Analyst Recommendations for Adobe (NASDAQ:ADBE)

Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.