Adobe (NASDAQ:ADBE) Earns Market Perform Rating from JMP Securities

JMP Securities reaffirmed their market perform rating on shares of Adobe (NASDAQ:ADBE) in a report issued on Friday morning, Benzinga reports.

A number of other research analysts also recently issued reports on the stock. BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a research report on Friday, June 14th. Royal Bank of Canada reaffirmed an outperform rating and set a $610.00 price target on shares of Adobe in a research report on Friday. Melius Research reissued a hold rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an overweight rating in a research report on Friday, June 14th. Finally, Barclays boosted their price target on Adobe from $650.00 to $675.00 and gave the stock 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 eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $606.58.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $536.87 on Friday. The firm has a 50 day moving average of $553.76 and a 200 day moving average of $519.73. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly 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. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 EPS. On average, sell-side analysts predict that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the business’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 $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,259 shares of company stock valued at $14,855,543 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently modified their holdings of ADBE. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at $33,000. Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter worth $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe during the second quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.