Adobe (NASDAQ:ADBE) Earns “Outperform” Rating from Royal Bank of Canada

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating restated by equities researchers at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They currently have a $530.00 price objective on the software company’s stock. Royal Bank of Canada’s price target points to a potential upside of 36.03% from the company’s previous close.

ADBE has been the topic of several other research reports. UBS Group set a $495.00 price objective on shares of Adobe in a research note on Thursday, March 13th. Citigroup dropped their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. JPMorgan Chase & Co. dropped their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Bank of America dropped their price objective on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Finally, Robert W. Baird dropped their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Stock Performance

Shares of ADBE stock opened at $389.61 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a one year low of $374.50 and a one year high of $587.75. The company’s 50-day simple moving average is $434.53 and its 200-day simple moving average is $477.76. The stock has a market capitalization of $169.64 billion, a price-to-earnings ratio of 31.42, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter last year, the company posted $4.48 earnings per share. Equities analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, 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 completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last three months. Corporate insiders own 0.16% of the company’s stock.

Institutional Trading of Adobe

A number of large investors have recently added to or reduced their stakes in the business. Swedbank AB boosted its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the period. United Bank boosted its stake in Adobe by 19.7% in the 3rd quarter. United Bank now owns 2,596 shares of the software company’s stock worth $1,344,000 after purchasing an additional 428 shares during the period. Quest Partners LLC boosted its stake in Adobe by 322.1% in the 3rd quarter. Quest Partners LLC now owns 2,482 shares of the software company’s stock worth $1,285,000 after purchasing an additional 1,894 shares during the period. Meeder Asset Management Inc. boosted its stake in Adobe by 31.3% in the 3rd quarter. Meeder Asset Management Inc. now owns 256 shares of the software company’s stock worth $133,000 after purchasing an additional 61 shares during the period. Finally, BIP Wealth LLC boosted its stake in Adobe by 8.5% in the 3rd quarter. BIP Wealth LLC now owns 1,211 shares of the software company’s stock worth $627,000 after purchasing an additional 95 shares during the period. 81.79% of the stock is currently 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.