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Adobe Inc. (NASDAQ:ADBE – Get Rating) – William Blair released its first-quarter 2023 EPS estimate for Adobe’s stock in a research note published on Tuesday, January 17. William Blair analyst J. Roberge expects the software company to post earnings of $2.96 per share in the quarter. William Blair’s stock is rated ‘Outperform’. Adobe’s current consensus estimate for annual earnings is $12.17 per share. William Blair also forecasts Adobe’s second-quarter 2023 earnings at EPS $2.99, third-quarter 2023 earnings at EPS $3.04, fourth-quarter 2023 earnings at EPS $3.25, and fiscal 2023 earnings at EPS 12.22. 1Q 2024 earnings at EPS of $3.35; 2Q24 earnings at EPS of $3.41; Fourth quarter 2024 earnings of $3.72 EPS and 2024 earnings of $13.95 EPS.
ADBE is the subject of several other reports. Morgan Stanley raised its stock price target for Adobe from his $337.00 to his $382.00 in a research note on Friday, Dec. 16, giving the stock an “equal-weighted” rating. Piper Sandler raised his price target on Adobe from her $380.00 to her $415.00, giving it an “overweight” rating in a research note on Monday, Jan. 9. Citigroup raised its price target on Adobe stock to $355.00 from $337.00 and gave it a “neutral” rating in its report on Monday, December 19th. Mizuho raised its price target on Adobe stock from $360.00 to $370.00 in a report on Friday, December 16, giving the stock a “neutral” rating. Finally, Jefferies Financial Group lowered its price target on Adobe stock to $420.00 from $440.00, giving the company a Buy rating in its Wednesday, October 19 report. Sixteen analysts rated the stock with a hold rating and 14 analysts assigned a buy rating to the company. Based on MarketBeat.com data, the company’s consensus rating is “Hold” and the consensus target price is $412.81.
Adobe Trading up 0.4%
NASDAQ:ADBE opened Friday at $342.53. The company has a debt to equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.14. The company has a market capitalization of $159.24 billion, a price/earnings ratio of 33.91, a price/earnings ratio of 2.15 and a beta of 1.24. On Adobe, his one-year low is $274.73 and his one-year high is $540.46. The 50-day moving average price for this business is $336.85 and the 200-day moving average price is $348.39.
In related news, Director John E. Warnock sold 17,000 shares in a transaction on Tuesday, October 25th. The shares were sold at an average price of $319.60 for a total of $5,433,200.00. Following the sale, the directors now directly own 383,465 shares of the Company’s stock valued at approximately $122,555,414. The transaction was disclosed in filings with the Securities and Exchange Commission, which can be accessed on the SEC’s website. In related news, EVP Dana Rao sold his 5,018 shares in his Tuesday, December 20th deal. The shares sold for an average of $336.93, giving him a total of $1,690,714.74. After the sale, the Executive Vice President now directly owns 14,832 shares in the company, valued at approximately $4,997,345.76. The transaction was disclosed in filings with the Securities and Exchange Commission, which can be accessed on the SEC’s website. Director John E. Warnock also sold 17,000 shares of the company in a transaction that took place on Tuesday, October 25. The shares sold for an average of $319.60 and the total transaction value he was $5,433,200.00. After the transaction, the directors now directly own 383,465 shares of the company, valued at $122,555,414. Please see here for the disclosure of this sale. The insider said that in the past 90 days he has sold 27,861 shares of company stock worth $9,059,395. His 0.23% of the shares are owned by insiders.
Hedge funds join Adobe
Many institutional investors have recently changed their ADBE holdings. The Public Investment Fund purchased new Adobe stock for approximately $419,981,000 in the second quarter. Castleview Partners LLC increased its Adobe stock position by 37,795.5% in the second quarter. Castleview Partners LLC owns 720,772 shares of software company stock valued at $1,969,000 after acquiring an additional 718,870 shares during this period. Parnassus Investments LLC increased its Adobe stock position by 51.3% in the second quarter. Parnassus Investments LLC owns 1,998,331 shares of the software company valued at $731.509 million after acquiring an additional 677,383 shares during this period. Amundi increased its Adobe stake by 22.4% in the second quarter. Amundi now owns 2,963,024 shares in the software company worth $1,104,541,000 after purchasing an additional 542,902 of his shares last quarter. Finally, Brown Brothers Harriman & Co. increased its holding of Adobe stock by 5,491.1% in the second quarter. Brown Brothers Harriman & Co. now owns 528,139 shares of the software company worth $193,331,000 after purchasing an additional 518,693 shares in the previous quarter. 79.36% of the shares are owned by hedge funds and other institutional investors.
Adobe company profile
Adobe, Inc is committed to providing digital marketing and media solutions. It operates in the Digital Media, Digital Experiences and Publishing segments. The Digital Media segment offers creative cloud services that allow members to download and install the latest versions of products such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom, and Adobe InDesign. Adobe Acrobat.
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