Adobe (NASDAQ:ADBE) Earns “Outperform” Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a $630.00 price objective on the software company’s stock.

A number of other brokerages have also weighed in on ADBE. KeyCorp assumed coverage on Adobe in a research report on Thursday, March 21st. They set an underweight rating and a $445.00 target price on the stock. DA Davidson reaffirmed a buy rating and issued a $685.00 price objective on shares of Adobe in a research note on Friday, March 15th. JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a research note on Friday, March 15th. TheStreet lowered shares of Adobe from a b- rating to a c+ rating in a research note on Tuesday, March 19th. Finally, BNP Paribas lowered shares of Adobe from a neutral rating to an underperform rating and set a $499.00 price objective on the stock. in a research note on Thursday, January 18th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of Moderate Buy and an average target price of $620.72.

Adobe Trading Up 0.0 %

ADBE opened at $504.60 on Wednesday. The company has a fifty day moving average price of $569.77 and a two-hundred day moving average price of $570.64. Adobe has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a market cap of $228.36 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 2.73 and a beta of 1.29. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating 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 business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period in the previous year, the company posted $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. Analysts predict that Adobe will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has initiated a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In other news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, 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 sold a total of 9,162 shares of company stock worth $5,340,250 in the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ADBE. Rockland Trust Co. boosted its holdings in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after purchasing an additional 44 shares during the period. Team Hewins LLC bought a new stake in shares of Adobe during the 3rd quarter worth $4,141,000. Guinness Asset Management LTD lifted its holdings in shares of Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after acquiring an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its holdings in shares of Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after acquiring an additional 1,732 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its holdings in shares of Adobe by 36.7% during the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after acquiring an additional 1,871 shares during the last quarter. 81.79% of the stock is 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.