Adobe (NASDAQ:ADBE) Given “Outperform” Rating at Evercore ISI

Evercore ISI reissued their outperform rating on shares of Adobe (NASDAQ:ADBE) in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a $650.00 price objective on the software company’s stock.

Other analysts have also recently issued research reports about the stock. Citigroup increased their price target on shares of Adobe from $610.00 to $675.00 and gave the stock a neutral rating in a research note on Tuesday, December 12th. BMO Capital Markets reiterated an outperform rating and set a $610.00 price target on shares of Adobe in a research note on Wednesday. Bank of America decreased their price target on shares of Adobe from $700.00 to $640.00 and set a buy rating for the company in a research note on Friday, March 15th. Wells Fargo & Company cut their price objective on shares of Adobe from $690.00 to $675.00 and set an overweight rating for the company in a research report on Friday, March 15th. Finally, BNP Paribas downgraded shares of Adobe from a neutral rating to an underperform rating and set a $499.00 price objective for the company. in a research report on Thursday, January 18th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Adobe has an average rating of Moderate Buy and an average target price of $620.72.

Adobe Trading Up 0.0 %

Shares of Adobe stock opened at $504.60 on Wednesday. The company has a fifty day simple moving average of $569.77 and a 200-day simple moving average of $570.64. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. The stock has a market cap of $228.36 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 2.73 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.97 EPS. On average, equities analysts forecast that Adobe will post 14.57 EPS for the current fiscal year.

Adobe announced that its Board of Directors has approved a share buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,162 shares of company stock valued at $5,340,250. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently modified their holdings of ADBE. VELA Investment Management LLC boosted its position in shares of Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after acquiring an additional 1,077 shares during the last quarter. Bornite Capital Management LP acquired a new stake in shares of Adobe in the first quarter worth approximately $15,947,000. United Bank boosted its position in shares of Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after acquiring an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Adobe by 21.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after acquiring an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC boosted its position in shares of Adobe by 138.3% in the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after acquiring an additional 3,860 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

About Adobe

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.