Adobe (NASDAQ:ADBE) Earns “Outperform” Rating from BMO Capital Markets

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by BMO Capital Markets in a research report issued to clients and investors on Friday,Benzinga reports. They currently have a $450.00 target price on the software company’s stock. BMO Capital Markets’ target price points to a potential upside of 16.62% from the company’s current price.

Several other analysts have also recently weighed in on ADBE. Wells Fargo & Company lifted their price objective on Adobe from $430.00 to $470.00 and gave the company an “overweight” rating in a research report on Friday. Stifel Nicolaus lowered their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research report on Thursday, March 13th. DA Davidson decreased their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Evercore ISI cut their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $505.00.

Adobe Trading Down 6.7%

ADBE opened at $385.87 on Friday. Adobe has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business has a 50 day simple moving average of $385.73 and a two-hundred day simple moving average of $422.64. The firm has a market capitalization of $164.46 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 12th. The software company reported $4.10 earnings per share for the quarter, missing the consensus estimate of $4.96 by ($0.86). Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Analysts predict that Adobe will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Hedge funds have recently added to or reduced their stakes in the stock. Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe in the 4th quarter worth $28,000. 1248 Management LLC bought a new position in shares of Adobe during the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe during the first quarter valued at $26,000. Finally, Summit Securities Group LLC bought a new stake in shares of Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is currently owned by institutional investors.

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.