BMO Capital Markets Reiterates Outperform Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by research analysts at BMO Capital Markets in a research note issued to investors on Wednesday, Benzinga reports. They presently have a $610.00 target price on the software company’s stock. BMO Capital Markets’ price target points to a potential upside of 20.89% from the company’s current price.

ADBE has been the subject of several other research reports. Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, March 15th. JPMorgan Chase & Co. lowered their price objective on Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Citigroup boosted their price objective on Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a research report on Tuesday, December 12th. HSBC decreased their target price on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Stifel Nicolaus decreased their target price on Adobe from $650.00 to $625.00 and set a “buy” rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Adobe Stock Up 0.0 %

Shares of NASDAQ ADBE opened at $504.60 on Wednesday. Adobe has a 12 month low of $331.89 and a 12 month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The firm 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. The business has a 50-day moving average of $571.55 and a 200-day moving average of $571.10.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 company had revenue of $5.18 billion during 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%. Adobe’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.97 earnings per share. Sell-side analysts expect that Adobe will post 14.57 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Adobe

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 transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, insider David Wadhwani sold 6,099 shares of the firm’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total value of $3,487,225.23. Following the transaction, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s 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 approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. One Charles Private Wealth Services LLC grew its holdings in Adobe by 2.2% during the 3rd quarter. One Charles Private Wealth Services LLC now owns 785 shares of the software company’s stock valued at $400,000 after buying an additional 17 shares in the last quarter. Invst LLC grew its holdings in Adobe by 1.9% during the 3rd quarter. Invst LLC now owns 915 shares of the software company’s stock valued at $467,000 after buying an additional 17 shares in the last quarter. Raleigh Capital Management Inc. grew its holdings in Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock valued at $285,000 after buying an additional 17 shares in the last quarter. Lantz Financial LLC grew its holdings in Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock valued at $411,000 after buying an additional 17 shares in the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management grew its holdings in Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock valued at $249,000 after buying an additional 17 shares in the last quarter. 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.