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Adobe Inc. (NASDAQ:ADBE – Get Rating) – Equities research analysts at Zacks Research lowered their Q2 2023 earnings estimates for shares of Adobe in a report issued on Thursday, December 29th. Zacks Research analyst S. Mete now anticipates that the software company will post earnings per share of $3.12 for the quarter, down from their prior estimate of $3.13. The consensus estimate for Adobe’s current full-year earnings is $12.13 per share. Zacks Research also issued estimates for Adobe’s FY2025 earnings at $15.27 EPS.
A number of other equities research analysts have also issued reports on the stock. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Monday, December 12th. Credit Suisse Group reduced their target price on shares of Adobe from $350.00 to $325.00 and set a “neutral” rating on the stock in a report on Wednesday, October 19th. Morgan Stanley increased their target price on shares of Adobe from $337.00 to $382.00 and gave the stock an “equal weight” rating in a report on Friday, December 16th. Wolfe Research reduced their target price on shares of Adobe from $470.00 to $340.00 and set an “outperform” rating on the stock in a report on Friday, September 16th. Finally, BMO Capital Markets raised their price objective on shares of Adobe from $332.00 to $390.00 and gave the company a “market perform” rating in a report on Friday, December 16th. Fourteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $413.88.
Adobe Stock Performance
NASDAQ:ADBE opened at $336.53 on Monday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.14 and a current ratio of 1.11. The stock has a market capitalization of $156.45 billion, a P/E ratio of 33.32, a PEG ratio of 2.11 and a beta of 1.26. The company has a 50 day moving average price of $328.48 and a 200 day moving average price of $350.96. Adobe has a fifty-two week low of $274.73 and a fifty-two week high of $575.00.
Hedge Funds Weigh In On Adobe
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Ironwood Investment Management LLC raised its position in shares of Adobe by 1.4% in the second quarter. Ironwood Investment Management LLC now owns 1,737 shares of the software company’s stock valued at $636,000 after buying an additional 24 shares during the last quarter. Mechanics Financial Corp raised its position in shares of Adobe by 0.9% in the second quarter. Mechanics Financial Corp now owns 2,720 shares of the software company’s stock valued at $996,000 after buying an additional 25 shares during the last quarter. Bahl & Gaynor Inc. raised its position in shares of Adobe by 4.5% in the first quarter. Bahl & Gaynor Inc. now owns 609 shares of the software company’s stock valued at $277,000 after buying an additional 26 shares during the last quarter. Lederer & Associates Investment Counsel CA raised its position in shares of Adobe by 0.6% in the first quarter. Lederer & Associates Investment Counsel CA now owns 4,384 shares of the software company’s stock valued at $1,997,000 after buying an additional 27 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its position in shares of Adobe by 0.5% in the second quarter. Dorsey & Whitney Trust CO LLC now owns 5,018 shares of the software company’s stock valued at $1,835,000 after buying an additional 27 shares during the last quarter. Institutional investors and hedge funds own 79.36% of the company’s stock.
Insider Buying and Selling
In related news, Director John E. Warnock sold 17,000 shares of the business’s stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $319.60, for a total transaction of $5,433,200.00. Following the sale, the director now owns 383,465 shares of the company’s stock, valued at $122,555,414. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction dated Monday, December 19th. The shares were sold at an average price of $338.00, for a total transaction of $44,616.00. Following the completion of the transaction, the chief accounting officer now owns 3,271 shares in the company, valued at $1,105,598. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John E. Warnock sold 17,000 shares of Adobe stock in a transaction dated Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total transaction of $5,433,200.00. Following the transaction, the director now owns 383,465 shares of the company’s stock, valued at approximately $122,555,414. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,561 shares of company stock valued at $9,386,554. Corporate insiders own 0.23% of the company’s stock.
Adobe Company Profile
(Get Rating)
Adobe Inc 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.
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