Adobe (NASDAQ:ADBE) Rating Reiterated by Royal Bank of Canada

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a research note issued on Tuesday, Benzinga reports. They currently have a $610.00 target price on the software company’s stock. Royal Bank of Canada’s target price points to a potential upside of 18.65% from the stock’s current price.

A number of other research firms have also weighed in on ADBE. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Piper Sandler Companies restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Friday, July 12th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 0.9 %

Shares of NASDAQ:ADBE traded up $4.45 during trading on Tuesday, reaching $514.10. The company’s stock had a trading volume of 811,378 shares, compared to its average volume of 3,217,156. The firm’s 50 day simple moving average is $537.29 and its two-hundred day simple moving average is $515.92. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market capitalization of $227.95 billion, a PE ratio of 46.46, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the firm posted $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts predict that Adobe will post 14.8 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,078 shares of company stock valued at $16,700,246 in the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Swedbank AB purchased a new stake in Adobe during the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD acquired a new position in Adobe in the 2nd quarter valued at $663,745,000. Price T Rowe Associates Inc. MD raised its stake in Adobe by 17.6% in the 1st 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 last quarter. BlueSpruce Investments LP lifted its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC boosted its stake in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.