Adobe’s (ADBE) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler restated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Thursday,Benzinga reports. Piper Sandler currently has a $635.00 price objective on the software company’s stock.

Several other research analysts have also recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $601.25.

Adobe Trading Up 0.3 %

ADBE opened at $538.22 on Thursday. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $236.92 billion, a P/E ratio of 45.46, a price-to-earnings-growth ratio of 2.35 and a beta of 1.29. The company has a fifty day moving average price of $503.45 and a two-hundred day moving average price of $521.19.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 earnings per share. Analysts predict that Adobe will post 14.82 EPS for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its stake in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment increased its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe in the 3rd quarter worth about $30,000. Finally, True Wealth Design LLC increased its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares in the last quarter. 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.