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.
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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 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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