Adobe (NASDAQ:ADBE) Coverage Initiated at KeyCorp

KeyCorp began coverage on shares of Adobe (NASDAQ:ADBEFree Report) in a report issued on Thursday morning, Marketbeat reports. The brokerage issued an underweight rating and a $445.00 target price on the software company’s stock.

Several other equities research analysts have also recently commented on ADBE. BNP Paribas cut Adobe from a neutral rating to an underperform rating and set a $499.00 target price for the company. in a research note on Thursday, January 18th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a hold rating for the company in a research note on Friday, March 15th. Robert W. Baird decreased their price objective on Adobe from $590.00 to $525.00 and set a neutral rating for the company in a research note on Friday, March 15th. TD Cowen decreased their price objective on Adobe from $650.00 to $640.00 and set an outperform rating for the company in a research note on Friday, March 15th. Finally, TheStreet cut Adobe from a b- rating to a c+ rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of Moderate Buy and a consensus target price of $620.72.

Read Our Latest Stock Report on ADBE

Adobe Trading Down 2.3 %

ADBE stock opened at $499.52 on Thursday. The business has a fifty day moving average price of $576.97 and a 200 day moving average price of $572.19. Adobe has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The stock has a market capitalization of $226.06 billion, a price-to-earnings ratio of 47.76, a P/E/G ratio of 2.77 and a beta of 1.29. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.34.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period last year, the firm posted $2.97 EPS. Analysts expect that Adobe will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 788 shares of Adobe stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,495,528.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,162 shares of company stock valued at $5,340,250. 0.15% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in shares of Adobe by 7.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 131,563 shares of the software company’s stock valued at $78,491,000 after purchasing an additional 8,813 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Adobe by 5,381.5% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 296,000 shares of the software company’s stock valued at $176,594,000 after buying an additional 290,600 shares during the period. Warren Street Wealth Advisors LLC boosted its stake in shares of Adobe by 4.6% in the fourth quarter. Warren Street Wealth Advisors LLC now owns 481 shares of the software company’s stock valued at $287,000 after buying an additional 21 shares during the period. Accent Capital Management LLC bought a new stake in shares of Adobe in the fourth quarter valued at approximately $1,338,000. Finally, Skyline Advisors Inc. bought a new stake in shares of Adobe in the fourth quarter valued at approximately $1,493,000. Institutional investors and hedge funds own 80.00% of the company’s stock.

Adobe Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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