Royal Bank of Canada Reaffirms Outperform Rating for Adobe (NASDAQ:ADBE)

Royal Bank of Canada reaffirmed their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Tuesday, Benzinga reports. The firm currently has a $610.00 price target on the software company’s stock.

Several other analysts also recently weighed in on the stock. Bank of America reiterated a buy rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the company a neutral rating in a report on Wednesday, September 11th. Oppenheimer restated an outperform rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. StockNews.com upgraded shares of Adobe from a hold rating to a buy rating in a research note on Friday, September 13th. Finally, Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a buy rating in a research note on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of Moderate Buy and an average price target of $606.40.

Adobe Price Performance

ADBE stock opened at $508.03 on Tuesday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The business has a fifty day moving average of $537.17 and a two-hundred day moving average of $515.94. The stock has a market cap of $225.26 billion, a price-to-earnings ratio of 45.65, a price-to-earnings-growth ratio of 2.55 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 posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts anticipate that Adobe will post 14.8 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,078 shares of company stock worth $16,700,246 over the last three months. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC increased its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter worth about $33,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in Adobe in the 2nd quarter valued at about $39,000. Hedge funds and other 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.