Adobe’s (ADBE) Outperform Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reissued their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Friday morning,Benzinga reports. They currently have a $450.00 price objective on the software company’s stock.

A number of other research analysts have also issued reports on the company. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. UBS Group boosted their price objective on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research note on Monday, June 9th. Wells Fargo & Company boosted their price objective on Adobe from $430.00 to $470.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Bank of America dropped their price objective on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Trading Down 5.3%

Shares of ADBE stock opened at $391.68 on Friday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a fifty day moving average of $386.76 and a two-hundred day moving average of $421.72. The firm has a market capitalization of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. As a group, research analysts expect that Adobe will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH raised its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the period. 1248 Management LLC acquired a new position in Adobe during the first quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter valued at $26,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter valued at $28,000. Finally, Copia Wealth Management acquired a new position in Adobe during the fourth quarter valued at $28,000. 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.