Adobe (NASDAQ:ADBE) Upgraded by KeyCorp to Sector Weight Rating

KeyCorp upgraded shares of Adobe (NASDAQ:ADBE) from an underweight rating to a sector weight rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports.

A number of other analysts also recently commented on ADBE. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $530.00 price target on shares of Adobe in a research report on Wednesday. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research report on Wednesday, January 15th. Finally, Barclays decreased their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Down 0.6 %

ADBE stock opened at $387.26 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $168.62 billion, a PE ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. The stock’s 50 day moving average is $434.16 and its 200-day moving average is $476.46. Adobe has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the business posted $4.48 earnings per share. Sell-side analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Company insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in the company. Swedbank AB boosted its holdings in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares in the last quarter. United Bank boosted its holdings in shares of Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares in the last quarter. Avior Wealth Management LLC boosted its holdings in shares of Adobe by 29.1% in the 3rd quarter. Avior Wealth Management LLC now owns 789 shares of the software company’s stock worth $409,000 after purchasing an additional 178 shares in the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of Adobe in the 3rd quarter worth about $1,099,000. Finally, LPL Financial LLC boosted its holdings in shares of Adobe by 0.3% in the 3rd quarter. LPL Financial LLC now owns 426,883 shares of the software company’s stock worth $221,032,000 after purchasing an additional 1,443 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.