Adobe’s (ADBE) Outperform Rating Reiterated at Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a $530.00 price objective on the software company’s stock.

A number of other analysts have also recently issued reports on ADBE. StockNews.com cut Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Morgan Stanley decreased their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Wells Fargo & Company decreased their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $538.80.

Adobe Price Performance

NASDAQ ADBE opened at $387.26 on Wednesday. The business has a 50 day simple moving average of $434.16 and a 200 day simple moving average of $476.46. Adobe has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $168.62 billion, a price-to-earnings ratio of 31.23, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business earned $4.48 EPS. Analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. Siemens Fonds Invest GmbH lifted its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe during the third quarter worth $26,000. Groupama Asset Managment lifted its holdings in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. SWAN Capital LLC acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Finally, Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth $28,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.