Adobe (NASDAQ:ADBE) Earns “Outperform” Rating from Oppenheimer

Oppenheimer restated their outperform rating on shares of Adobe (NASDAQ:ADBE) in a report released on Friday, Benzinga reports. The brokerage currently has a $625.00 price objective on the software company’s stock.

Several other equities analysts also recently issued reports on ADBE. JMP Securities reaffirmed a market perform rating on shares of Adobe in a research note on Friday. Piper Sandler reaffirmed an overweight rating and set a $635.00 target price on shares of Adobe in a report on Friday. Royal Bank of Canada reiterated an outperform rating and issued a $610.00 price target on shares of Adobe in a research report on Friday. Piper Sandler Companies restated an overweight rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Citigroup lifted their price objective on Adobe from $550.00 to $621.00 and gave the stock a neutral rating in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $606.58.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $521.50 on Friday. The company’s 50 day simple moving average is $552.68 and its 200 day simple moving average is $519.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market capitalization of $231.23 billion, a price-to-earnings ratio of 46.86, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock worth $14,855,543 in the last quarter. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC bought a new stake in shares of Adobe in the second quarter valued at $35,655,000. Coronation Fund Managers Ltd. raised its stake in Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after acquiring an additional 2,521 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in Adobe during the second quarter valued at about $43,000. Clearbridge Investments LLC boosted its position in Adobe by 0.8% during the second quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after purchasing an additional 15,685 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new position in Adobe during the second quarter worth about $313,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.