Adobe (NASDAQ:ADBE) Price Target Raised to $650.00 at Stifel Nicolaus

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective hoisted by equities researchers at Stifel Nicolaus from $600.00 to $650.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the software company's stock. Stifel Nicolaus' price target points to a potential upside of 15.75% from the company's previous close.

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A number of other research firms have also recently commented on ADBE. Royal Bank of Canada reissued an "outperform" rating and issued a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Sanford C. Bernstein boosted their price target on Adobe from $653.00 to $660.00 and gave the stock an "outperform" rating in a report on Monday, June 17th. JPMorgan Chase & Co. raised Adobe from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Melius cut Adobe from a "buy" rating to a "hold" rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $605.52.

Check Out Our Latest Stock Analysis on Adobe

Adobe Stock Performance

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Shares of NASDAQ:ADBE traded down $6.37 during mid-day trading on Friday, reaching $561.56. 531,121 shares of the company traded hands, compared to its average volume of 3,164,869. The company's 50 day moving average price is $553.57 and its 200-day moving average price is $519.26. The firm has a market cap of $249.00 billion, a PE ratio of 50.45, a PEG ratio of 3.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts' consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analysts' expectations of $5.29 billion. During the same period in the previous year, the firm earned $3.04 EPS. The firm's revenue was up 10.2% compared to the same quarter last year. On average, equities analysts expect that Adobe will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

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In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company's stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company's stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company's stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of the firm's stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last quarter. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC purchased a new stake in Adobe in the fourth quarter valued at about $1,468,000. Concentrum Wealth Management raised its stake in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company's stock valued at $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC raised its stake in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company's stock valued at $556,000 after buying an additional 52 shares during the last quarter. Gryphon Financial Partners LLC raised its stake in Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company's stock valued at $2,066,000 after buying an additional 658 shares during the last quarter. Finally, Heritage Investors Management Corp purchased a new stake in Adobe in the fourth quarter valued at about $208,000. Institutional investors own 81.79% 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.

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