Adobe (NASDAQ:ADBE) Stock Rating Reaffirmed by BMO Capital Markets

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Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reissued by equities researchers at BMO Capital Markets in a research note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $310.00 target price on the software company’s stock, down from their previous target price of $315.00. BMO Capital Markets’ price objective points to a potential upside of 10.22% from the company’s current price.

Several other brokerages have also commented on ADBE. Bank of America lifted their price objective on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a report on Wednesday, June 19th. Canaccord Genuity lifted their price objective on Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a report on Wednesday, June 19th. ValuEngine lowered Adobe from a “buy” rating to a “hold” rating in a report on Thursday, September 5th. KeyCorp reaffirmed a “hold” rating on shares of Adobe in a report on Wednesday, June 19th. Finally, BidaskClub lowered Adobe from a “hold” rating to a “sell” rating in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and fourteen have issued a buy rating to the stock. Adobe presently has a consensus rating of “Buy” and an average target price of $301.64.

Shares of ADBE opened at $281.26 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. Adobe has a one year low of $204.95 and a one year high of $313.11. The firm has a market capitalization of $137.35 billion, a P/E ratio of 50.68, a PEG ratio of 2.57 and a beta of 1.11. The business has a fifty day moving average of $286.17 and a 200 day moving average of $281.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The company had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same quarter in the previous year, the company posted $1.73 earnings per share. Adobe’s revenue was up 23.7% compared to the same quarter last year. Analysts expect that Adobe will post 6.3 EPS for the current fiscal year.

In other Adobe news, Director Charles M. Geschke sold 13,795 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Insiders have sold 22,627 shares of company stock valued at $6,648,464 in the last three months. 0.32% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in the business. Cornerstone Advisors Inc. lifted its position in shares of Adobe by 49.0% in the first quarter. Cornerstone Advisors Inc. now owns 2,787 shares of the software company’s stock valued at $743,000 after acquiring an additional 916 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its position in shares of Adobe by 1.2% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 271,857 shares of the software company’s stock valued at $72,447,000 after acquiring an additional 3,200 shares in the last quarter. Toronto Dominion Bank lifted its position in shares of Adobe by 5.4% in the first quarter. Toronto Dominion Bank now owns 339,226 shares of the software company’s stock valued at $90,378,000 after acquiring an additional 17,411 shares in the last quarter. SlateStone Wealth LLC lifted its position in shares of Adobe by 29.4% in the first quarter. SlateStone Wealth LLC now owns 6,267 shares of the software company’s stock valued at $1,670,000 after acquiring an additional 1,424 shares in the last quarter. Finally, Frisch Financial Group Inc. purchased a new position in shares of Adobe in the first quarter valued at about $215,000. 86.03% of the stock is owned by institutional investors and hedge funds.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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