Adobe (NASDAQ:ADBE) Receives “Overweight” Rating from Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a research note issued to investors on Friday, Benzinga reports. They currently have a $700.00 price objective on the software company’s stock.

A number of other analysts have also commented on ADBE. Piper Sandler Companies decreased their price objective on Adobe from $705.00 to $700.00 and set an overweight rating for the company in a report on Friday, March 15th. TD Cowen decreased their price objective on Adobe from $640.00 to $625.00 and set a buy rating for the company in a report on Monday, June 10th. TheStreet lowered Adobe from a b- rating to a c+ rating in a report on Tuesday, March 19th. Wells Fargo & Company boosted their price objective on Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a report on Friday. Finally, Mizuho restated a buy rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of Moderate Buy and a consensus target price of $604.35.

Adobe Stock Performance

Shares of Adobe stock opened at $525.31 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The firm has a market capitalization of $235.34 billion, a price-to-earnings ratio of 50.22, a PEG ratio of 2.49 and a beta of 1.27. The business has a 50-day simple moving average of $474.63 and a 200 day simple moving average of $541.20. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.04 EPS. On average, research analysts anticipate that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Cypress Asset Management Inc. TX increased its holdings in shares of Adobe by 11.1% in the first quarter. Cypress Asset Management Inc. TX now owns 8,297 shares of the software company’s stock worth $4,220,000 after purchasing an additional 828 shares during the period. Westwood Holdings Group Inc. increased its holdings in shares of Adobe by 117.6% in the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock worth $3,703,000 after purchasing an additional 3,967 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in shares of Adobe by 6.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock worth $392,559,000 after purchasing an additional 47,273 shares during the period. Tactive Advisors LLC bought a new position in shares of Adobe in the first quarter worth $1,366,000. Finally, Motiv8 Investments LLC increased its holdings in shares of Adobe by 23.7% in the first quarter. Motiv8 Investments LLC now owns 998 shares of the software company’s stock worth $504,000 after purchasing an additional 191 shares during the period. Institutional investors own 81.79% of the company’s stock.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.