Royal Bank of Canada Reiterates “Outperform” Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank of Canada in a note issued to investors on Tuesday, Benzinga reports. They presently have a $610.00 price objective on the software company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 21.38% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup lifted their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. UBS Group cut their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $502.54 on Tuesday. The company has a market capitalization of $222.83 billion, a PE ratio of 45.15, a PEG ratio of 2.55 and a beta of 1.29. The business has a fifty day moving average price of $536.95 and a 200-day moving average price of $515.85. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the business earned $3.26 EPS. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Adobe will post 14.8 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other 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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,078 shares of company stock valued at $16,700,246 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Large investors have recently made changes to their positions in the business. Scarborough Advisors LLC bought a new position in Adobe during the 4th quarter valued at about $62,000. Trust Co. of Toledo NA OH increased its position in shares of Adobe by 2.4% during the first quarter. Trust Co. of Toledo NA OH now owns 2,554 shares of the software company’s stock worth $1,289,000 after acquiring an additional 59 shares during the period. CWM LLC boosted its holdings in shares of Adobe by 24.6% in the first quarter. CWM LLC now owns 36,816 shares of the software company’s stock valued at $18,578,000 after purchasing an additional 7,278 shares during the period. Rise Advisors LLC increased its holdings in Adobe by 153.3% during the 1st quarter. Rise Advisors LLC now owns 380 shares of the software company’s stock worth $192,000 after purchasing an additional 230 shares during the period. Finally, Massmutual Trust Co. FSB ADV raised its position in Adobe by 0.6% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 73,565 shares of the software company’s stock valued at $37,121,000 after purchasing an additional 459 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

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.