Adobe’s (ADBE) Outperform Rating Reaffirmed at Evercore ISI

Evercore ISI reissued their outperform rating on shares of Adobe (NASDAQ:ADBEFree Report) in a research note released on Wednesday, Benzinga reports. The brokerage currently has a $650.00 price target on the software company’s stock.

Several other brokerages have also weighed in on ADBE. DA Davidson restated a buy rating and issued a $685.00 price target on shares of Adobe in a research note on Friday, March 15th. KeyCorp initiated coverage on Adobe in a research report on Thursday, March 21st. They issued an underweight rating and a $445.00 price objective for the company. KGI Securities upgraded Adobe from a neutral rating to an outperform rating and set a $730.00 target price on the stock in a research report on Monday, December 4th. Royal Bank of Canada reissued an outperform rating and issued a $630.00 price target on shares of Adobe in a report on Wednesday. Finally, Citigroup increased their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a neutral rating in a report on Tuesday, December 12th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $620.72.

Check Out Our Latest Stock Analysis on ADBE

Adobe Stock Down 0.6 %

Adobe stock opened at $504.40 on Wednesday. The business’s 50-day moving average price is $573.39 and its 200 day moving average price is $571.57. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The firm has a market cap of $228.27 billion, a price-to-earnings ratio of 48.26, a price-to-earnings-growth ratio of 2.74 and a beta of 1.29. Adobe has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 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 analyst estimates of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. As a group, sell-side analysts anticipate that Adobe will post 14.57 earnings per share for the current year.

Adobe declared that its board has approved a share buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total value of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently added to or reduced their stakes in the business. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $25,000. HBC Financial Services PLLC acquired a new stake in Adobe during the 3rd quarter worth $25,000. Garner Asset Management Corp purchased a new stake in Adobe in the fourth quarter valued at $31,000. Global Wealth Strategies & Associates boosted its stake in Adobe by 57.6% in the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after acquiring an additional 19 shares in the last quarter. Finally, Aspect Partners LLC purchased a new position in shares of Adobe during the fourth quarter worth about $33,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

(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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