Adobe Inc. (NASDAQ:ADBE) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Adobe Inc. (NASDAQ:ADBEGet Free Report) have been given an average recommendation of “Moderate Buy” by the twenty-seven analysts that are covering the company, MarketBeat reports. Two analysts have rated the stock with a sell rating, six have given a hold rating and nineteen have assigned a buy rating to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $620.72.

A number of research firms have commented on ADBE. TheStreet downgraded Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Stifel Nicolaus decreased their target price on Adobe from $650.00 to $625.00 and set a “buy” rating on the stock in a research report on Friday, March 15th. UBS Group decreased their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research note on Friday, March 15th. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Wednesday, March 27th.

View Our Latest Stock Analysis on ADBE

Adobe Stock Up 2.1 %

Adobe stock opened at $448.37 on Wednesday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe has a 1-year low of $417.74 and a 1-year high of $638.25. The company has a market cap of $200.87 billion, a PE ratio of 42.87, a price-to-earnings-growth ratio of 2.41 and a beta of 1.27. The stock’s 50 day moving average price is $479.40 and its 200 day moving average price is $548.51.

Adobe (NASDAQ:ADBEGet Free Report) last posted its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. Adobe’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 earnings per share. On average, sell-side analysts predict that Adobe will post 14.55 EPS for the current fiscal year.

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

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total transaction of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the firm’s stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the sale, the insider now owns 33,609 shares in the company, valued at approximately $15,829,839. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,006 shares of company stock worth $1,424,432. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of ADBE. Vanguard Group Inc. grew its position in shares of Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after acquiring an additional 382,803 shares in the last quarter. Morgan Stanley grew its position in shares of Adobe by 2.7% in the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe in the 4th quarter worth approximately $3,277,785,000. Finally, Northern Trust Corp grew its position in shares of Adobe by 3.9% in the 3rd quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after acquiring an additional 202,136 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

(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.

Further Reading

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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