BMO Capital Markets Reiterates “Outperform” Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by equities researchers at BMO Capital Markets in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $450.00 price objective on the software company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 14.89% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a “neutral” rating on the stock. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Wells Fargo & Company raised their price target on shares of Adobe from $430.00 to $470.00 and gave the company an “overweight” rating in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Stock Down 5.3%

Shares of NASDAQ ADBE opened at $391.68 on Friday. 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 firm has a market cap of $166.93 billion, a PE ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. The company’s fifty day simple moving average is $386.76 and its 200 day simple moving average is $421.08. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. As a group, sell-side analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. 1248 Management LLC purchased a new stake in shares of Adobe during the first quarter worth $33,000. First Long Island Investors LLC lifted its holdings in Adobe by 2.8% during the 1st quarter. First Long Island Investors LLC now owns 48,834 shares of the software company’s stock worth $18,729,000 after purchasing an additional 1,347 shares in the last quarter. Nicola Wealth Management LTD. boosted its stake in Adobe by 7.5% in the 1st quarter. Nicola Wealth Management LTD. now owns 44,200 shares of the software company’s stock worth $16,952,000 after purchasing an additional 3,100 shares during the period. CBIZ Investment Advisory Services LLC grew its holdings in Adobe by 8.6% during the 1st quarter. CBIZ Investment Advisory Services LLC now owns 578 shares of the software company’s stock valued at $222,000 after buying an additional 46 shares in the last quarter. Finally, Modern Wealth Management LLC increased its position in shares of Adobe by 62.6% during the first quarter. Modern Wealth Management LLC now owns 9,518 shares of the software company’s stock valued at $3,651,000 after buying an additional 3,666 shares during the period. 81.79% of the stock is owned by 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.