Citigroup Increases Adobe (NASDAQ:ADBE) Price Target to $678.00

Adobe (NASDAQ:ADBE) had its price target increased by Citigroup from $575.00 to $678.00 in a research report released on Wednesday, The Fly reports. They currently have a neutral rating on the software company’s stock.

A number of other equities analysts have also issued reports on the company. Argus raised their target price on Adobe from $650.00 to $764.00 and gave the stock a buy rating in a research note on Friday, September 3rd. Wells Fargo & Company started coverage on shares of Adobe in a research note on Monday, September 20th. They issued an overweight rating and a $770.00 price objective on the stock. Barclays increased their price target on Adobe from $660.00 to $740.00 and gave the stock an overweight rating in a research report on Thursday, September 16th. The Goldman Sachs Group lifted their target price on shares of Adobe from $580.00 to $665.00 and gave the company a buy rating in a report on Friday, June 18th. Finally, lifted their price target on Adobe from $523.00 to $575.00 and gave the company a neutral rating in a research note on Friday, June 18th. Four analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of Buy and a consensus price target of $679.57.

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

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Monday, September 20th. The software company reported $3.11 EPS for the quarter, beating 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 analyst estimates of $3.90 billion. During the same quarter in the prior year, the business posted $2.12 EPS. The business’s revenue for the quarter was up 22.0% compared to the same quarter last year. On average, equities analysts predict that Adobe will post 10.28 earnings per share for the current fiscal year.

In related news, EVP Gloria Chen sold 42 shares of Adobe stock in a transaction that occurred on Wednesday, August 25th. The shares were sold at an average price of $659.63, for a total value of $27,704.46. Following the completion of the transaction, the executive vice president now owns 11,831 shares in the company, valued at $7,804,082.53. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,750 shares of Adobe stock in a transaction on Monday, June 28th. The stock was sold at an average price of $582.71, for a total transaction of $1,602,452.50. Following the sale, the executive vice president now directly owns 25,665 shares of the company’s stock, valued at $14,955,252.15. The disclosure for this sale can be found here. In the last three months, insiders sold 4,487 shares of company stock worth $2,681,010. 0.23% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. Factory Mutual Insurance Co. increased its stake in Adobe by 38.7% in the first quarter. Factory Mutual Insurance Co. now owns 134,059 shares of the software company’s stock valued at $63,727,000 after purchasing an additional 37,409 shares during the last quarter. Verdence Capital Advisors LLC grew its holdings in shares of Adobe by 19.7% during the first quarter. Verdence Capital Advisors LLC now owns 2,665 shares of the software company’s stock worth $1,267,000 after purchasing an additional 438 shares during the last quarter. FIL Ltd increased its position in shares of Adobe by 110.9% during the first quarter. FIL Ltd now owns 289,374 shares of the software company’s stock worth $137,559,000 after purchasing an additional 152,168 shares in the last quarter. South State Corp increased its position in shares of Adobe by 0.6% during the second quarter. South State Corp now owns 31,034 shares of the software company’s stock worth $18,175,000 after purchasing an additional 193 shares in the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of 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 hedge funds and other institutional investors.

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.

Further Reading: Cost of Goods Sold (COGS)

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