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

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a research note issued on Thursday,Benzinga reports. They currently have a $590.00 price target on the software company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 28.22% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Bank of America decreased their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. BNP Paribas upgraded shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price on the stock in a report on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Oppenheimer dropped their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Trading Up 0.2 %

Adobe stock opened at $460.16 on Thursday. The firm’s 50 day moving average price is $448.41 and its two-hundred day moving average price is $497.41. Adobe has a 1 year low of $403.75 and a 1 year high of $607.32. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The firm has a market cap of $200.31 billion, a price-to-earnings ratio of 37.11, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the business posted $3.52 EPS. On average, research analysts predict that Adobe will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This represents a 1.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter worth $26,000. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the third quarter valued at about $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the period. Briaud Financial Planning Inc bought a new stake in Adobe during the third quarter worth about $36,000. Finally, Decker Retirement Planning Inc. bought a new stake in Adobe during the fourth quarter worth about $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.