Adobe’s (ADBE) “Hold” Rating Reaffirmed at Melius Research

Melius Research reiterated their hold rating on shares of Adobe (NASDAQ:ADBEFree Report) in a report released on Monday, Benzinga reports. They currently have a $510.00 price objective on the software company’s stock.

Several other research analysts have also recently weighed in on the company. Robert W. Baird decreased their price target on Adobe from $590.00 to $525.00 and set a neutral rating for the company in a research note on Friday, March 15th. Stifel Nicolaus decreased their price target on Adobe from $625.00 to $600.00 and set a buy rating for the company in a research note on Friday. Evercore ISI reaffirmed an outperform rating and issued a $650.00 price objective on shares of Adobe in a report on Friday. Wells Fargo & Company cut their price objective on Adobe from $690.00 to $675.00 and set an overweight rating for the company in a report on Friday, March 15th. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $600.00 to $570.00 and set a neutral rating for the company in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $600.97.

Check Out Our Latest Stock Analysis on ADBE

Adobe Stock Down 1.2 %

ADBE stock opened at $459.94 on Monday. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The business has a fifty day moving average price of $475.87 and a 200-day moving average price of $544.12. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The stock has a market capitalization of $206.05 billion, a P/E ratio of 43.97, a P/E/G ratio of 2.52 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Equities analysts forecast that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe declared that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to repurchase $25.00 billion in shares. This repurchase authorization allows the software company to reacquire 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, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction dated Monday, April 22nd. The stock was 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 of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction dated Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. 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 90 days. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently made changes to their positions in ADBE. Norges Bank purchased a new stake in Adobe during the fourth quarter valued at approximately $3,277,785,000. Wellington Management Group LLP raised its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. International Assets Investment Management LLC purchased a new stake in Adobe during the fourth quarter valued at approximately $875,592,000. Swedbank AB purchased a new stake in Adobe during the first quarter valued at approximately $621,179,000. Finally, Price T Rowe Associates Inc. MD raised its position in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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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