Adobe (NASDAQ:ADBE) Stock Rating Reaffirmed by Mizuho

Adobe (NASDAQ:ADBE)‘s stock had its “buy” rating reaffirmed by equities research analysts at Mizuho in a report released on Wednesday, Benzinga reports. They currently have a $680.00 price objective on the software company’s stock. Mizuho’s target price points to a potential upside of 34.76% from the company’s current price.

ADBE has been the subject of a number of other reports. Royal Bank of Canada restated an “outperform” rating and set a $630.00 price target on shares of Adobe in a report on Wednesday. Oppenheimer restated an “outperform” rating and set a $660.00 price target on shares of Adobe in a report on Wednesday. BMO Capital Markets restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Wednesday. Evercore ISI restated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Wednesday. Finally, Piper Sandler restated an “overweight” rating and set a $700.00 price target on shares of Adobe in a report on Wednesday. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Up 0.0 %

Adobe stock opened at $504.60 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34. The company has a market capitalization of $228.36 billion, a price-to-earnings ratio of 48.27, a PEG ratio of 2.75 and a beta of 1.29. Adobe has a one year low of $331.89 and a one year high of $638.25. The company’s fifty day moving average price is $571.55 and its two-hundred day moving average price is $571.10.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS 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 the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 earnings per share. On average, analysts forecast that Adobe will post 14.57 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has approved a stock repurchase plan on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Adobe

In other Adobe news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now owns 7,614 shares in the company, valued at approximately $4,353,456.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the transaction, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,162 shares of company stock worth $5,340,250. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC bought a new stake in Adobe during the 3rd quarter worth about $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $25,000. Garner Asset Management Corp bought a new stake in shares of Adobe in the 4th quarter valued at about $31,000. Global Wealth Strategies & Associates raised its holdings in shares of Adobe by 57.6% in the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares during the period. Finally, Aspect Partners LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $33,000. 81.79% of the stock is owned by institutional investors.

About Adobe

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.