Adobe (NASDAQ:ADBE) Given “Outperform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Thursday,Benzinga reports. Royal Bank of Canada currently has a $590.00 price target on the software company’s stock.

Other equities analysts have also issued research reports about the company. Bank of America lowered their price objective on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. UBS Group dropped their price objective on shares of Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a report on Friday, January 3rd. Citigroup reduced their target price on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, Stifel Nicolaus dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $459.22 on Thursday. The firm has a 50-day simple moving average of $449.99 and a 200-day simple moving average of $497.68. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $199.90 billion, a price-to-earnings ratio of 37.03, a price-to-earnings-growth ratio of 2.11 and a beta of 1.31. Adobe has a 52 week low of $403.75 and a 52 week high of $610.33.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.52 EPS. On average, equities analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently modified their holdings of the company. Legacy Investment Solutions LLC acquired a new position in shares of Adobe during the third quarter worth $26,000. MidAtlantic Capital Management Inc. purchased a new stake in Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC boosted its position in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. Briaud Financial Planning Inc purchased a new position in shares of Adobe in the 3rd quarter valued at about $36,000. Finally, Decker Retirement Planning Inc. acquired a new stake in shares of Adobe during the 4th quarter worth about $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.