Adobe’s (ADBE) Outperform Rating Reiterated at Oppenheimer

Oppenheimer reissued their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Friday, Benzinga reports. Oppenheimer currently has a $625.00 price objective on the software company’s stock.

A number of other equities analysts have also commented on ADBE. Mizuho reaffirmed a buy rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Melius lowered shares of Adobe from a buy rating to a hold rating and set a $510.00 price objective on the stock. in a research note on Monday, June 10th. Wells Fargo & Company lifted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a research note on Friday, June 14th. JMP Securities restated a market perform rating on shares of Adobe in a report on Friday. Finally, Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a neutral rating in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus price target of $606.58.

Adobe Trading Down 8.5 %

ADBE opened at $536.87 on Friday. 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 has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50 day moving average price is $553.76 and its two-hundred day moving average price is $519.73. The firm has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

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

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred 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 directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC grew its position in 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 buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $33,000. Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other 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.