BMO Capital Markets Initiates Coverage on Adobe (NASDAQ:ADBE)

Research analysts at BMO Capital Markets began coverage on shares of Adobe (NASDAQ:ADBEGet Rating) in a research note issued to investors on Friday, TipRanks reports. The brokerage set a “buy” rating and a $420.00 price target on the software company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 17.35% from the company’s current price.

ADBE has been the topic of a number of other research reports. Robert W. Baird dropped their price target on Adobe from $550.00 to $450.00 and set an “outperform” rating on the stock in a research note on Friday. Wolfe Research dropped their price objective on Adobe from $500.00 to $400.00 and set an “outperform” rating for the company in a research note on Friday. Stifel Nicolaus dropped their price target on Adobe from $600.00 to $500.00 in a research report on Friday. Bank of America reduced their target price on Adobe from $560.00 to $450.00 and set a “buy” rating on the stock in a report on Friday. Finally, Evercore ISI cut their price target on Adobe from $650.00 to $475.00 and set an “outperform” rating on the stock in a research note on Friday. Seven analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $500.96.

NASDAQ ADBE traded down $7.18 during trading on Friday, hitting $357.90. The company’s stock had a trading volume of 131,129 shares, compared to its average volume of 3,028,080. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. Adobe has a fifty-two week low of $360.90 and a fifty-two week high of $699.54. The company has a market cap of $169.11 billion, a PE ratio of 35.54, a P/E/G ratio of 1.95 and a beta of 1.08. The business’s 50 day simple moving average is $409.29 and its 200-day simple moving average is $475.76.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, topping the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.47% and a net margin of 29.90%. During the same quarter in the previous year, the business earned $2.56 earnings per share. Analysts expect that Adobe will post 11.09 EPS for the current fiscal year.

In other news, EVP Scott Belsky sold 2,750 shares of the firm’s stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John E. Warnock sold 615 shares of the firm’s stock in a transaction that occurred on Thursday, April 14th. The stock was sold at an average price of $432.03, for a total transaction of $265,698.45. Following the completion of the transaction, the director now directly owns 410,165 shares in the company, valued at approximately $177,203,584.95. The disclosure for this sale can be found here. Insiders have sold a total of 11,538 shares of company stock valued at $4,793,387 over the last quarter. 0.23% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in ADBE. Offit Capital Advisors LLC boosted its stake in Adobe by 7.0% during the first quarter. Offit Capital Advisors LLC now owns 4,308 shares of the software company’s stock worth $1,963,000 after buying an additional 280 shares during the period. Rovin Capital UT ADV increased its holdings in shares of Adobe by 135.0% during the first quarter. Rovin Capital UT ADV now owns 886 shares of the software company’s stock valued at $404,000 after acquiring an additional 509 shares in the last quarter. Vise Technologies Inc. purchased a new stake in Adobe in the first quarter valued at approximately $216,000. Teachers Retirement System of The State of Kentucky boosted its position in Adobe by 20.1% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 56,700 shares of the software company’s stock valued at $25,833,000 after buying an additional 9,479 shares during the last quarter. Finally, Rehmann Capital Advisory Group boosted its position in Adobe by 6.4% in the 1st quarter. Rehmann Capital Advisory Group now owns 4,623 shares of the software company’s stock worth $2,105,000 after purchasing an additional 277 shares in the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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