Adobe (NASDAQ:ADBE) Rating Reiterated by Royal Bank of Canada

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a research report issued on Friday, Benzinga reports. They currently have a $610.00 price target on the software company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 13.62% from the stock’s current price.

ADBE has been the subject of a number of other research reports. Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research note on Monday, June 10th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday. Finally, Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

Adobe Stock Down 8.5 %

ADBE opened at $536.87 on Friday. The business has a 50-day moving average of $553.76 and a 200-day moving average of $519.96. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sound View Wealth Advisors Group LLC increased its position in Adobe by 2.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its position in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank boosted its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after buying an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its holdings in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after acquiring an additional 19 shares during the period. Finally, Visionary Wealth Advisors lifted its position in shares of Adobe by 1.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Company Profile

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.