Adobe (NASDAQ:ADBE) Rating Reiterated by JMP Securities

Adobe (NASDAQ:ADBE)‘s stock had its “market perform” rating reiterated by equities researchers at JMP Securities in a research report issued to clients and investors on Friday, Benzinga reports.

Other equities analysts have also recently issued reports about the stock. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Friday. Finally, StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $608.83.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $536.87 on Friday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s fifty day simple moving average is $553.76 and its 200 day simple moving average is $519.96.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC grew its stake in 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 acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in Adobe during the 2nd quarter worth approximately $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.