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

Royal Bank of Canada restated their outperform rating on shares of Adobe (NASDAQ:ADBE – Get Rating) in a research report report published on Monday morning, Benzinga reports. The firm currently has a $395.00 target price on the software company’s stock.

Other research analysts have also recently issued reports about the stock. Citigroup boosted their price objective on shares of Adobe from $337.00 to $355.00 and gave the company a neutral rating in a report on Monday, December 19th. StockNews.com raised shares of Adobe from a hold rating to a buy rating in a report on Thursday, February 9th. Evercore ISI boosted their price objective on shares of Adobe from $350.00 to $425.00 in a report on Friday, December 16th. Wells Fargo & Company boosted their price objective on shares of Adobe from $310.00 to $340.00 in a report on Wednesday, December 14th. Finally, Mizuho boosted their price objective on shares of Adobe from $360.00 to $370.00 and gave the company a neutral rating in a report on Friday, December 16th. Fifteen analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $418.56.

Adobe Trading Down 1.5 %

Shares of NASDAQ ADBE opened at $324.27 on Monday. The firm’s 50 day moving average price is $352.46 and its 200-day moving average price is $334.51. The company has a market cap of $148.70 billion, a PE ratio of 32.11, a P/E/G ratio of 2.06 and a beta of 1.27. Adobe has a 52-week low of $274.73 and a 52-week high of $473.49. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Thursday, December 15th. The software company reported $2.78 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.78. The firm had revenue of $4.53 billion for the quarter, compared to the consensus estimate of $4.52 billion. Adobe had a net margin of 27.01% and a return on equity of 36.74%. On average, equities research analysts expect that Adobe will post 12.15 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction on Tuesday, December 20th. The shares were sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the completion of the transaction, the executive vice president now owns 14,832 shares in the company, valued at $4,997,345.76. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Shantanu Narayen sold 15,000 shares of the company’s stock in a transaction on Friday, January 20th. The shares were sold at an average price of $346.61, for a total transaction of $5,199,150.00. Following the completion of the transaction, the chief executive officer now owns 408,866 shares in the company, valued at $141,717,044.26. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Dana Rao sold 5,018 shares of the company’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares of the company’s stock, valued at approximately $4,997,345.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,265 shares of company stock worth $9,067,344. 0.23% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently bought and sold shares of ADBE. Grayhawk Investment Strategies Inc. bought a new position in Adobe during the second quarter valued at $25,000. Financial Enhancement Group LLC lifted its position in Adobe by 338.1% during the third quarter. Financial Enhancement Group LLC now owns 92 shares of the software company’s stock valued at $25,000 after purchasing an additional 71 shares during the last quarter. Arcus Capital Partners LLC bought a new position in Adobe during the fourth quarter valued at $26,000. TD Capital Management LLC bought a new position in Adobe during the third quarter valued at $28,000. Finally, Financial Freedom LLC bought a new position in Adobe during the fourth quarter valued at $29,000. Institutional investors own 79.36% of the company’s stock.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.