Adobe (NASDAQ:ADBE) Given “Outperform” Rating at Royal Bank of Canada

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research note issued on Wednesday,Benzinga reports. They presently have a $530.00 price objective on the software company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 35.24% from the stock’s current price.

Several other equities analysts have also issued reports on ADBE. Evercore ISI reduced their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. BMO Capital Markets reduced their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Price Performance

Shares of Adobe stock traded up $0.54 during trading on Wednesday, hitting $391.91. 730,435 shares of the stock traded hands, compared to its average volume of 3,198,167. 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 stock has a market cap of $170.64 billion, a price-to-earnings ratio of 31.63, a PEG ratio of 2.15 and a beta of 1.37. The firm’s fifty day moving average is $435.77 and its 200-day moving average is $479.02. Adobe has a 52 week low of $374.50 and a 52 week high of $587.75.

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

Insiders Place Their Bets

In related news, Director David A. Ricks acquired 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of the business. 111 Capital purchased a new position in Adobe during the 4th quarter worth approximately $1,119,000. Wealth Enhancement Advisory Services LLC raised its position in Adobe by 13.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 111,155 shares of the software company’s stock worth $49,429,000 after buying an additional 13,331 shares during the last quarter. NorthCrest Asset Manangement LLC raised its position in Adobe by 3.2% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 27,436 shares of the software company’s stock worth $12,200,000 after buying an additional 855 shares during the last quarter. Members Wealth LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $253,000. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Adobe during the 4th quarter valued at approximately $101,828,000. 81.79% of the stock is owned by hedge funds and other 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.