Adobe (NASDAQ:ADBE) Upgraded by JPMorgan Chase & Co. to “Overweight”

JPMorgan Chase & Co. upgraded shares of Adobe (NASDAQ:ADBE) from a neutral rating to an overweight rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $580.00 target price on the software company’s stock, up from their prior target price of $570.00.

Several other equities research analysts also recently commented on the stock. Melius Research reiterated a hold rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Oppenheimer cut their target price on shares of Adobe from $660.00 to $580.00 and set an outperform rating on the stock in a research report on Thursday, June 6th. Piper Sandler reiterated an overweight rating and set a $700.00 target price on shares of Adobe in a research report on Wednesday, March 27th. TheStreet downgraded shares of Adobe from a b- rating to a c+ rating in a research report on Tuesday, March 19th. Finally, Melius downgraded shares of Adobe from a buy rating to a hold rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $607.67.

Adobe Price Performance

ADBE stock opened at $518.74 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market cap of $232.40 billion, a P/E ratio of 46.61, a P/E/G ratio of 2.84 and a beta of 1.27. The company’s 50-day moving average price is $475.32 and its two-hundred day moving average price is $539.44.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the firm earned $3.04 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. On average, analysts anticipate that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction on Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

Institutional investors have recently made changes to their positions in the company. Barlow Wealth Partners Inc. bought a new stake in shares of Adobe in the 4th quarter worth $16,700,000. Federated Hermes Inc. grew its stake in shares of Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after acquiring an additional 41,164 shares in the last quarter. Mainsail Financial Group LLC grew its stake in shares of Adobe by 9.6% in the 4th quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock worth $1,252,000 after acquiring an additional 184 shares in the last quarter. Vise Technologies Inc. boosted its holdings in shares of Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the last quarter. Finally, Naviter Wealth LLC boosted its holdings in shares of Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares during the last quarter. Institutional investors 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.