Fintel reports that on June 21, 2023, BMO Capital upgraded their outlook for Adobe (NASDAQ:ADBE) from Market Perform to Outperform.
Analyst Price Forecast Suggests 15.03% Downside
As of June 1, 2023, the average one-year price target for Adobe is 412.85. The forecasts range from a low of 324.21 to a high of $504.00. The average price target represents a decrease of 15.03% from its latest reported closing price of 485.86.
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The projected annual revenue for Adobe is 19,805MM, an increase of 10.03%. The projected annual non-GAAP EPS is 15.51.
What is the Fund Sentiment?
There are 3742 funds or institutions reporting positions in Adobe. This is an increase of 30 owner(s) or 0.81% in the last quarter. Average portfolio weight of all funds dedicated to ADBE is 0.70%, an increase of 18.72%. Total shares owned by institutions decreased in the last three months by 1.31% to 415,221K shares. The put/call ratio of ADBE is 0.88, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 14,144K shares representing 3.08% ownership of the company. In it’s prior filing, the firm reported owning 14,131K shares, representing an increase of 0.09%. The firm increased its portfolio allocation in ADBE by 5.84% over the last quarter.
VFINX – Vanguard 500 Index Fund Investor Shares holds 10,683K shares representing 2.33% ownership of the company. In it’s prior filing, the firm reported owning 10,747K shares, representing a decrease of 0.61%. The firm increased its portfolio allocation in ADBE by 5.56% over the last quarter.
Geode Capital Management holds 9,461K shares representing 2.06% ownership of the company. In it’s prior filing, the firm reported owning 9,507K shares, representing a decrease of 0.49%. The firm increased its portfolio allocation in ADBE by 5.40% over the last quarter.
Jpmorgan Chase holds 7,239K shares representing 1.58% ownership of the company. In it’s prior filing, the firm reported owning 3,901K shares, representing an increase of 46.10%. The firm increased its portfolio allocation in ADBE by 96.34% over the last quarter.
Bank of New York Mellon holds 6,929K shares representing 1.51% ownership of the company. In it’s prior filing, the firm reported owning 7,288K shares, representing a decrease of 5.18%. The firm increased its portfolio allocation in ADBE by 4.27% over the last quarter.
Adobe Background Information
(This description is provided by the company.)
Adobe is changing the world through digital experiences.
This article originally appeared on Fintel
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