The Goldman Sachs Group Boosts Adobe (NASDAQ:ADBE) Price Target to $625.00

Adobe (NASDAQ:ADBE) had its target price lifted by equities research analysts at The Goldman Sachs Group from $550.00 to $625.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the software company’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 17.94% from the company’s previous close.

Several other research firms have also commented on ADBE. BMO Capital Markets raised their price objective on shares of Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a research note on Tuesday. Barclays lifted their target price on shares of Adobe from $620.00 to $640.00 and gave the company an “equal weight” rating in a report on Friday. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. Piper Jaffray Companies boosted their price objective on shares of Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a research report on Friday, June 16th. Finally, Atlantic Securities boosted their target price on shares of Adobe from $420.00 to $580.00 in a research note on Friday, June 16th. Ten equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $573.07.

Adobe Stock Down 4.0 %

NASDAQ ADBE traded down $22.25 during trading on Friday, reaching $529.91. 5,038,698 shares of the company’s stock traded hands, compared to its average volume of 3,198,824. The company’s 50 day simple moving average is $527.79 and its two-hundred day simple moving average is $439.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 12-month low of $274.73 and a 12-month high of $570.24. The firm has a market cap of $241.53 billion, a price-to-earnings ratio of 50.49, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.63 EPS. As a group, sell-side analysts forecast that Adobe will post 12.56 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Shantanu Narayen sold 35,000 shares of the firm’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 completion of the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Dana Rao sold 2,600 shares of Adobe 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 completion of the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,089 shares of company stock worth $20,720,115. Corporate insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of the stock. NewSquare Capital LLC lifted its stake in shares of Adobe by 278.9% in the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC bought a new position in Adobe during the fourth quarter valued at approximately $29,000. Financial Management Professionals Inc. increased its holdings in Adobe by 171.0% during the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after buying an additional 53 shares during the last quarter. Fiduciary Alliance LLC purchased a new stake in Adobe during the second quarter valued at approximately $32,000. Finally, Independence Bank of Kentucky increased its stake in shares of Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares in the last quarter. Hedge funds and other institutional investors 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.