Oppenheimer Reiterates Outperform Rating for Adobe (NASDAQ:ADBE)

Oppenheimer reaffirmed their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Friday morning, Benzinga reports. The firm currently has a $625.00 target price on the software company’s stock.

ADBE has been the subject of several other reports. Mizuho reiterated a buy rating and set a $640.00 target price (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a report on Friday, June 14th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a neutral rating in a research note on Wednesday, September 11th. Sanford C. Bernstein dropped their price target on Adobe from $660.00 to $644.00 and set an outperform rating for the company in a research note on Friday. Finally, KeyCorp upped their price objective on Adobe from $445.00 to $450.00 and gave the stock an underweight rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, Adobe has an average rating of Moderate Buy and an average target price of $606.58.

Adobe Stock Down 2.9 %

ADBE stock opened at $521.50 on Friday. The stock has a 50-day simple moving average of $552.68 and a two-hundred day simple moving average of $519.46. The firm has a market capitalization of $231.23 billion, a PE ratio of 46.86, 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. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $3.26 EPS. On average, equities analysts predict that Adobe will post 14.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 97 shares of the company’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 $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe 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 $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of 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 sold 27,259 shares of company stock worth $14,855,543 over the last three months. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Sound View Wealth Advisors Group LLC boosted its holdings in Adobe by 2.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its holdings in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank lifted its position in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC grew its holdings in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after purchasing an additional 19 shares during the period. Finally, Visionary Wealth Advisors grew its stake in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the period. 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.