Adobe (NASDAQ:ADBE) Upgraded at KeyCorp

Adobe (NASDAQ:ADBE) was upgraded by analysts at KeyCorp from an “underweight” rating to a “sector weight” rating in a report issued on Friday, Marketbeat.com reports.

Other equities analysts have also recently issued research reports about the stock. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. JPMorgan Chase & Co. reduced their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and cut their price objective for the company from $625.00 to $550.00 in a research report on Thursday, December 12th. Finally, Evercore ISI decreased their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Trading Up 0.4 %

ADBE opened at $389.61 on Friday. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The firm has a market capitalization of $169.64 billion, a PE ratio of 31.42, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day moving average is $434.53 and its 200 day moving average is $477.76.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The firm 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 in the prior year, the business posted $4.48 earnings per share. As a group, research analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently bought and sold shares of ADBE. Norges Bank bought a new position in shares of Adobe in the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC raised its holdings in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the period. Two Sigma Advisers LP boosted its holdings in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after buying an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Adobe in the 4th quarter worth about $365,750,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.