Goldman Sachs Maintains Adobe Buy Recommendation

By 247patrick Published Sep 15, 10:45PM EDT

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Goldman Sachs Maintains Adobe Buy Recommendation — © frender / iStock via Getty Images

Fintel reports that on September 15, 2023, Goldman Sachs maintained coverage of Adobe (NASDAQ:ADBE) with a Buy recommendation.

Analyst Price Forecast Suggests 2.68% Upside

As of August 30, 2023, the average one-year price target for Adobe is 566.94. The forecasts range from a low of 432.28 to a high of $693.00. The average price target represents an increase of 2.68% from its latest reported closing price of 552.16.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Adobe is 19,805MM, an increase of 4.87%. The projected annual non-GAAP EPS is 15.51.

What is the Fund Sentiment?

There are 3914 funds or institutions reporting positions in Adobe. This is an increase of 171 owner(s) or 4.57% in the last quarter. Average portfolio weight of all funds dedicated to ADBE is 0.77%, an increase of 10.10%. Total shares owned by institutions decreased in the last three months by 1.04% to 410,886K 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 14,304K shares representing 3.14% ownership of the company. In it’s prior filing, the firm reported owning 14,144K shares, representing an increase of 1.12%. The firm increased its portfolio allocation in ADBE by 18.40% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 10,921K shares representing 2.40% ownership of the company. In it’s prior filing, the firm reported owning 10,683K shares, representing an increase of 2.19%. The firm increased its portfolio allocation in ADBE by 17.49% over the last quarter.

Geode Capital Management holds 9,762K shares representing 2.14% ownership of the company. In it’s prior filing, the firm reported owning 9,461K shares, representing an increase of 3.08%. The firm increased its portfolio allocation in ADBE by 18.44% over the last quarter.

Jpmorgan Chase holds 7,866K shares representing 1.73% ownership of the company. In it’s prior filing, the firm reported owning 7,239K shares, representing an increase of 7.98%. The firm increased its portfolio allocation in ADBE by 879.56% over the last quarter.

Bank of New York Mellon holds 6,765K shares representing 1.48% ownership of the company. In it’s prior filing, the firm reported owning 6,929K shares, representing a decrease of 2.42%. The firm increased its portfolio allocation in ADBE by 13.48% 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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