Adobe (NASDAQ:ADBE) Stock Rating Reaffirmed by DA Davidson

Adobe (NASDAQ:ADBE)‘s stock had its “buy” rating reiterated by research analysts at DA Davidson in a note issued to investors on Thursday, Benzinga reports. They currently have a $685.00 price target on the software company’s stock. DA Davidson’s price objective indicates a potential upside of 36.51% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. BMO Capital Markets reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday. Citigroup increased their price target on Adobe from $610.00 to $675.00 and gave the stock a “neutral” rating in a report on Tuesday, December 12th. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Piper Sandler restated an “overweight” rating and issued a $700.00 price target on shares of Adobe in a report on Wednesday. Finally, Bank of America lowered their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 0.5 %

ADBE traded down $2.59 during trading on Thursday, reaching $501.81. The company had a trading volume of 1,305,249 shares, compared to its average volume of 3,638,210. The firm’s 50-day simple moving average is $573.39 and its 200 day simple moving average is $571.57. The company has a market cap of $227.09 billion, a price-to-earnings ratio of 48.02, a PEG ratio of 2.75 and a beta of 1.29. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.34 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the business posted $2.97 EPS. Adobe’s revenue was up 11.3% on a year-over-year basis. Equities research analysts anticipate that Adobe will post 14.57 earnings per share for the current year.

Adobe declared that its board has approved a share buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 84 shares of Adobe stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders have sold 9,162 shares of company stock worth $5,340,250 in the last 90 days. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently modified their holdings of the business. Iron Horse Wealth Management LLC purchased a new stake in Adobe in the third quarter worth $25,000. HBC Financial Services PLLC purchased a new stake in Adobe in the third quarter worth $25,000. Global Wealth Strategies & Associates increased its position in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe in the fourth quarter worth $29,000. Finally, Halpern Financial Inc. increased its position in Adobe by 314.3% in the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares during the last quarter. 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.