Adobe Inc. (NASDAQ:ADBE) Receives Average Recommendation of “Moderate Buy” from Analysts

Adobe Inc. (NASDAQ:ADBE) has earned an average recommendation of “Moderate Buy” from the twenty-seven research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $620.72.

Several research analysts have weighed in on the company. Stifel Nicolaus lowered their price target on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. Oppenheimer reiterated an “outperform” rating and set a $660.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Bank of America reduced their target price on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research note on Friday, March 15th. Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Finally, TD Cowen reduced their target price on Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research note on Friday, March 15th.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 2,191 shares of the stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the completion of the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,063 shares of company stock valued at $1,853,025. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several large investors have recently bought and sold shares of the company. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth about $3,277,785,000. Moneta Group Investment Advisors LLC raised its position in shares of Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after acquiring an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management raised its position in shares of Adobe by 17,006.8% during the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock worth $1,102,207,000 after acquiring an additional 2,148,978 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Adobe by 17.7% during the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.8 %

Shares of Adobe stock opened at $470.10 on Tuesday. The firm has a market cap of $210.60 billion, a PE ratio of 44.94, a P/E/G ratio of 2.57 and a beta of 1.28. Adobe has a 52-week low of $331.89 and a 52-week high of $638.25. The business’s 50 day simple moving average is $538.63 and its 200 day simple moving average is $567.86. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 EPS. On average, analysts predict that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has approved a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.