Adobe Inc. (NASDAQ:ADBE) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Adobe Inc. (NASDAQ:ADBE) have received a consensus recommendation of “Moderate Buy” from the twenty-seven analysts that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and nineteen have given a buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $620.72.

A number of equities analysts have weighed in on ADBE shares. Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. Piper Sandler reiterated an “overweight” rating and set a $700.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. BMO Capital Markets reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday, March 27th. DA Davidson restated a “buy” rating and set a $685.00 target price on shares of Adobe in a report on Thursday, March 28th. Finally, Piper Sandler Companies lowered their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a report on Friday, March 15th.

Adobe Stock Up 2.0 %

Shares of NASDAQ ADBE opened at $486.18 on Friday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock has a market capitalization of $217.81 billion, a PE ratio of 46.48, a price-to-earnings-growth ratio of 2.54 and a beta of 1.28. The stock’s fifty day simple moving average is $509.68 and its two-hundred day simple moving average is $562.19. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company 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 firm posted $2.97 EPS. The firm’s revenue was up 11.3% compared to the same quarter last year. As a group, analysts expect that Adobe will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has approved a share buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in outstanding shares. This buyback authorization permits the software company to purchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction on 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 sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Anil Chakravarthy sold 100 shares of the 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 sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,713 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds have recently made changes to their positions in the stock. Pinnacle West Asset Management Inc. lifted its stake in Adobe by 8.3% in the third quarter. Pinnacle West Asset Management Inc. now owns 1,180 shares of the software company’s stock valued at $602,000 after buying an additional 90 shares during the last quarter. SevenBridge Financial Group LLC raised its holdings in Adobe by 29.7% during the 3rd quarter. SevenBridge Financial Group LLC now owns 633 shares of the software company’s stock worth $323,000 after buying an additional 145 shares during the period. Sage Mountain Advisors LLC increased its holdings in shares of Adobe by 14.9% in the 3rd quarter. Sage Mountain Advisors LLC now owns 2,668 shares of the software company’s stock valued at $1,360,000 after purchasing an additional 345 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its holdings in shares of Adobe by 4.7% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 59,657 shares of the software company’s stock valued at $30,419,000 after purchasing an additional 2,678 shares during the period. Finally, OLD Second National Bank of Aurora grew its stake in shares of Adobe by 0.6% in the 3rd quarter. OLD Second National Bank of Aurora now owns 4,185 shares of the software company’s stock valued at $2,134,000 after buying an additional 23 shares in 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.