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

Royal Bank of Canada reiterated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a report released on Wednesday morning,Benzinga reports. They currently have a $530.00 target price on the software company’s stock.

Several other research firms have also recently weighed in on ADBE. Wells Fargo & Company dropped their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Oppenheimer lowered their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Robert W. Baird cut their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $538.80.

Adobe Stock Performance

NASDAQ ADBE opened at $387.89 on Wednesday. Adobe has a 52-week low of $374.50 and a 52-week high of $587.75. The stock has a market cap of $168.89 billion, a PE ratio of 31.28, a P/E/G ratio of 2.15 and a beta of 1.37. The firm has a 50-day moving average of $435.13 and a 200-day moving average of $478.38. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the company posted $4.48 earnings per share. On average, sell-side analysts anticipate that Adobe will post 16.65 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, with a total value of $998,955.00. Following the acquisition, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last 90 days. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

Several institutional investors have recently modified their holdings of ADBE. 1ST Source Bank lifted its holdings in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the period. Sepio Capital LP lifted its stake in shares of Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after acquiring an additional 22 shares during the period. Cadence Bank boosted its holdings in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC increased its position in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares during the period. Finally, RB Capital Management LLC raised its holdings in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. 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.