Adobe’s (ADBE) “Buy” Rating Reaffirmed at Bank of America

Bank of America reaffirmed their buy rating on shares of Adobe (NASDAQ:ADBE) in a report published on Friday morning, Benzinga reports. Bank of America currently has a $640.00 price target on the software company’s stock.

ADBE has been the subject of several other reports. Wells Fargo & Company raised their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an overweight rating in a research note on Friday, June 14th. BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an outperform rating in a research report on Friday, June 14th. StockNews.com cut shares of Adobe from a buy rating to a hold rating in a research report on Friday, August 23rd. Royal Bank of Canada restated an outperform rating and issued a $610.00 price objective on shares of Adobe in a report on Friday. Finally, Oppenheimer reaffirmed an outperform rating and issued a $625.00 target price on shares of Adobe in a research report on Friday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $606.58.

Adobe Stock Down 2.9 %

Shares of ADBE stock opened at $521.50 on Friday. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average of $552.68 and a 200-day moving average of $519.46. The company has a market capitalization of $231.23 billion, a price-to-earnings ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $3.26 earnings per share. As a group, equities research analysts predict that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,259 shares of company stock worth $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently added to or reduced their stakes in the business. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank raised its stake in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares during the period. Commonwealth Financial Services LLC raised its position in Adobe by 3.7% in the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Finally, Visionary Wealth Advisors raised its holdings in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

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.