Royal Bank of Canada Reiterates Outperform Rating for Adobe (NASDAQ:ADBE)

Royal Bank of Canada reissued their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a $600.00 price objective on the software company’s stock.

Several other research firms have also commented on ADBE. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a neutral rating for the company in a research note on Monday, June 10th. StockNews.com upgraded Adobe from a hold rating to a buy rating in a research report on Monday, July 29th. Robert W. Baird lifted their target price on Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a research report on Friday, June 14th. Barclays lifted their target price on Adobe from $630.00 to $650.00 and gave the stock an overweight rating in a research report on Friday, June 14th. Finally, Evercore ISI reiterated an outperform rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of Moderate Buy and a consensus price target of $601.38.

Adobe Trading Down 4.1 %

Shares of ADBE opened at $504.43 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a 50 day simple moving average of $522.70 and a two-hundred day simple moving average of $527.95. The firm has a market cap of $223.66 billion, a P/E ratio of 47.27, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $3.04 earnings per share. On average, equities analysts expect that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Evolution Advisers Inc. boosted its position in Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after purchasing an additional 17 shares in the last quarter. Sound View Wealth Advisors Group LLC boosted its position in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Wade G W & Inc. boosted its position in Adobe by 0.5% during the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after purchasing an additional 18 shares in the last quarter. River Street Advisors LLC lifted its position in shares of Adobe by 2.1% in the fourth quarter. River Street Advisors LLC now owns 945 shares of the software company’s stock valued at $564,000 after acquiring an additional 19 shares in the last quarter. Finally, Invst LLC lifted its position in shares of Adobe by 2.1% in the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after acquiring an additional 19 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.