DA Davidson Reiterates Buy Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBEGet Free Report)‘s stock had its “buy” rating reiterated by analysts at DA Davidson in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $685.00 target price on the software company’s stock. DA Davidson’s target price would indicate a potential upside of 35.75% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $600.00 to $570.00 and set a “neutral” rating for the company in a research report on Friday, March 15th. Royal Bank of Canada reissued an “outperform” rating and set a $630.00 price objective on shares of Adobe in a research report on Wednesday. BNP Paribas downgraded shares of Adobe from a “neutral” rating to an “underperform” rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $660.00 target price on shares of Adobe in a research report on Wednesday. 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 company’s stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $620.72.

Read Our Latest Stock Analysis on ADBE

Adobe Trading Up 0.0 %

Shares of NASDAQ ADBE opened at $504.60 on Thursday. The company’s 50 day simple moving average is $569.77 and its 200 day simple moving average is $570.64. Adobe has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The firm has a market capitalization of $228.36 billion, a P/E ratio of 48.24, a P/E/G ratio of 2.73 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating 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 business had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the business posted $2.97 earnings per share. Adobe’s revenue was up 11.3% compared to the same quarter last year. On average, analysts predict that Adobe will post 14.57 EPS for the current year.

Adobe announced that its board has initiated a share repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,495,528.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total value of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at approximately $14,144,998.68. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction 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 $2,495,528.10. 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. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Iron Horse Wealth Management LLC bought a new stake in shares of Adobe during the 3rd quarter valued at approximately $25,000. HBC Financial Services PLLC bought a new stake in shares of Adobe during the 3rd quarter valued at approximately $25,000. Global Wealth Strategies & Associates grew its holdings in shares of Adobe by 57.6% during 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 last quarter. Financial Freedom LLC bought a new stake in Adobe during the 4th quarter worth approximately $29,000. Finally, Halpern Financial Inc. grew its holdings in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 44 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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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