Fintel reports that on July 31, 2023, Morgan Stanley upgraded their outlook for Adobe (NASDAQ:ADBE) from Equal-Weight to Overweight.
Analyst Price Forecast Suggests 3.57% Upside
As of July 6, 2023, the average one-year price target for Adobe is 547.78. The forecasts range from a low of 384.81 to a high of $630.00. The average price target represents an increase of 3.57% from its latest reported closing price of 528.87.
See our leaderboard of companies with the largest price target upside.
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 3816 funds or institutions reporting positions in Adobe. This is an increase of 118 owner(s) or 3.19% in the last quarter. Average portfolio weight of all funds dedicated to ADBE is 0.73%, an increase of 19.85%. Total shares owned by institutions decreased in the last three months by 1.34% to 413,747K shares. The put/call ratio of ADBE is 1.06, indicating a bearish outlook.
What are Other Shareholders Doing?
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 14,144K shares representing 3.10% 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 2.34% 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 2.08% 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 1.59% 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 1.52% 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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