Oppenheimer Reiterates Outperform Rating for Adobe (NASDAQ:ADBE)

Oppenheimer reiterated their outperform rating on shares of Adobe (NASDAQ:ADBEFree Report) in a report released on Friday, Benzinga reports. Oppenheimer currently has a $580.00 price target on the software company’s stock.

Several other research analysts have also recently issued reports on ADBE. Melius Research restated a hold rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Bank of America reduced their price objective on Adobe from $700.00 to $640.00 and set a buy rating for the company in a research note on Friday, March 15th. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a neutral rating for the company in a research note on Monday, June 10th. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the company an underweight rating in a research report on Friday. Finally, Robert W. Baird lifted their price target on Adobe from $525.00 to $545.00 and gave the company a neutral rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of Moderate Buy and an average price target of $607.67.

Read Our Latest Stock Report on ADBE

Adobe Price Performance

Shares of ADBE stock opened at $518.74 on Friday. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25. The stock’s 50-day moving average is $475.32 and its 200 day moving average is $539.44. The company has a market cap of $232.40 billion, a P/E ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the business posted $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts predict that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization permits the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Adobe

In other news, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the sale, the insider now directly owns 33,609 shares of the company’s stock, valued at $15,829,839. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the business’s stock in a transaction 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 transaction, the insider now owns 33,609 shares of the company’s stock, valued at $15,829,839. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Kestra Advisory Services LLC boosted its stake in Adobe by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock worth $13,718,000 after buying an additional 284 shares during the last quarter. QRG Capital Management Inc. purchased a new stake in Adobe in the third quarter valued at $32,616,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Adobe in the third quarter valued at $18,420,000. Envestnet Asset Management Inc. raised its position in Adobe by 20.7% in the third quarter. Envestnet Asset Management Inc. now owns 1,030,053 shares of the software company’s stock valued at $525,224,000 after purchasing an additional 176,330 shares during the period. Finally, TRUE Private Wealth Advisors raised its position in Adobe by 39.9% in the third quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after purchasing an additional 240 shares during the period. 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.

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