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

Royal Bank of Canada reiterated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a report issued on Thursday, Benzinga reports. They currently have a $600.00 price target on the software company’s stock.

Other research analysts also recently issued reports about the stock. KeyCorp boosted their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an underweight rating in a research report on Friday, June 14th. Mizuho restated a buy rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Citigroup lowered their price objective on shares of Adobe from $554.00 to $529.00 and set a neutral rating for the company in a research report on Monday, June 10th. Piper Sandler Companies reaffirmed an overweight rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, StockNews.com raised shares of Adobe from a hold rating to a buy rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of Moderate Buy and an average target price of $601.38.

Adobe Stock Down 4.1 %

NASDAQ ADBE opened at $504.43 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a 50 day moving average of $522.70 and a 200-day moving average of $527.95. The company has a market cap of $223.66 billion, a price-to-earnings ratio of 47.27, a PEG ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the business earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% on a year-over-year basis. On average, equities research analysts expect that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of Adobe

Institutional investors and hedge funds have recently bought and sold shares of the company. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. purchased a new stake in shares of Adobe during the 4th quarter valued at $35,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 2nd quarter valued at $33,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the 2nd quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.