Adobe’s (ADBE) “Outperform” Rating Reiterated at Oppenheimer

Oppenheimer restated their outperform rating on shares of Adobe (NASDAQ:ADBEFree Report) in a research note issued to investors on Wednesday, Benzinga reports. The firm currently has a $660.00 price target on the software company’s stock.

Several other research analysts also recently issued reports on ADBE. Evercore ISI lowered their price objective on shares of Adobe from $700.00 to $650.00 and set an outperform rating on the stock in a research report on Friday, March 15th. KeyCorp started coverage on shares of Adobe in a report on Thursday, March 21st. They issued an underweight rating and a $445.00 target price on the stock. Bank of America lowered their target price on shares of Adobe from $700.00 to $640.00 and set a buy rating on the stock in a report on Friday, March 15th. Wells Fargo & Company lowered their target price on shares of Adobe from $690.00 to $675.00 and set an overweight rating on the stock in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $620.72.

View Our Latest Stock Report on Adobe

Adobe Price Performance

Shares of ADBE opened at $504.60 on Wednesday. Adobe has a twelve month low of $331.89 and a twelve month high of $638.25. The firm’s fifty day simple moving average is $569.77 and its 200-day simple moving average is $570.64. The firm has a market capitalization of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the firm posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. Equities analysts forecast that Adobe will post 14.57 EPS for the current fiscal year.

Adobe declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related 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 value of $3,487,225.23. Following the sale, the insider now directly 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 is available at this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated 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 owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction dated 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 transaction, the insider now owns 7,614 shares of the company’s stock, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. Over the last three months, insiders sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at about $3,277,785,000. Moneta Group Investment Advisors LLC grew its position in 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 valued at $1,093,125,000 after purchasing an additional 3,245,427 shares in the last quarter. Concentrum Wealth Management increased its stake in Adobe by 17,006.8% in the 3rd quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the period. Wellington Management Group LLP lifted its position in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Finally, Morgan Stanley boosted its stake in shares of Adobe by 17.7% during the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the period. Institutional investors own 81.79% of the company’s stock.

About Adobe

(Get Free Report)

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.

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