Adobe (NASDAQ:ADBE) Price Target Raised to $475.00

Adobe (NASDAQ:ADBE) had its price objective increased by Bank of America from $424.00 to $475.00 in a report released on Friday,Benzinga reports. They currently have a buy rating on the software company’s stock.

ADBE has been the topic of several other reports. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Robert W. Baird reduced their target price on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th. Finally, KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $494.67.

Adobe Stock Performance

ADBE stock opened at $391.68 on Friday. The business’s 50-day moving average price is $386.76 and its two-hundred day moving average price is $420.43. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $166.93 billion, a PE ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe has a 1-year low of $332.01 and a 1-year high of $587.75.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently added to or reduced their stakes in the stock. Copia Wealth Management acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. SWAN Capital LLC acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. 1248 Management LLC acquired a new stake in Adobe during the first quarter worth approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the first quarter worth approximately $26,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds 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.