JMP Securities Reaffirms Market Perform Rating for Adobe (NASDAQ:ADBE)

JMP Securities reiterated their market perform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Thursday,Benzinga reports.

Several other research analysts have also recently weighed in on the stock. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays upped their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Oppenheimer lowered their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday. Finally, Piper Sandler lowered their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Down 1.9 %

Shares of NASDAQ ADBE opened at $465.69 on Thursday. The business has a 50-day simple moving average of $505.16 and a two-hundred day simple moving average of $523.26. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market cap of $205.00 billion, a P/E ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe’s revenue was up 11.1% compared to the same quarter last year. During the same period last year, the business earned $3.52 earnings per share. Research analysts anticipate that Adobe will post 16.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock worth $18,069,669 in the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $26,000. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter valued at $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after purchasing an additional 34 shares during the period. Finally, Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter worth $33,000. 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.