Adobe’s (ADBE) “Buy” Rating Reaffirmed at Mizuho

Mizuho restated their buy rating on shares of Adobe (NASDAQ:ADBEFree Report) in a research note issued to investors on Friday, Benzinga reports. Mizuho currently has a $640.00 price target on the software company’s stock, down from their previous price target of $680.00.

Several other brokerages also recently issued reports on ADBE. StockNews.com raised Adobe from a hold rating to a buy rating in a report on Tuesday. KeyCorp began coverage on Adobe in a research report on Thursday, March 21st. They issued an underweight rating and a $445.00 target price on the stock. Stifel Nicolaus lowered their target price on Adobe from $625.00 to $600.00 and set a buy rating on the stock in a research report on Friday. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an outperform rating on the stock in a research report on Friday, March 15th. Finally, Royal Bank of Canada restated an outperform rating and issued a $630.00 target price on shares of Adobe in a research report on Wednesday, March 27th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of Moderate Buy and a consensus target price of $612.79.

Read Our Latest Research Report on ADBE

Adobe Trading Up 1.6 %

NASDAQ:ADBE opened at $465.43 on Friday. The company has a market cap of $208.51 billion, a PE ratio of 44.50, a P/E/G ratio of 2.47 and a beta of 1.27. Adobe has a 52 week low of $423.58 and a 52 week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The business’s 50 day moving average is $476.71 and its two-hundred day moving average is $546.22.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results 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. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. On average, analysts predict that Adobe will post 14.55 EPS for the current year.

Adobe announced that its Board of Directors has approved a stock buyback program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total value of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock valued at $1,424,432 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Morgan Stanley boosted its stake in shares of Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth about $3,277,785,000. Finally, Northern Trust Corp boosted its stake in shares of Adobe by 3.9% during the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

(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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