Wedbush Reaffirms “Hold” Rating for Adobe (NASDAQ:ADBE)

Wedbush restated their hold rating on shares of Adobe (NASDAQ:ADBE) in a research report sent to investors on Wednesday morning, AnalystRatings.com reports. They currently have a $290.00 price target on the software company’s stock.

Several other analysts also recently issued reports on the stock. Royal Bank of Canada began coverage on shares of Adobe in a report on Friday, September 13th. They set a buy rating and a $320.00 price objective for the company. KeyCorp reaffirmed a hold rating on shares of Adobe in a report on Wednesday, June 19th. Credit Suisse Group upped their price objective on shares of Adobe from $300.00 to $325.00 and gave the stock a positive rating in a report on Wednesday, June 19th. Stephens set a $327.00 price objective on shares of Adobe and gave the stock a buy rating in a report on Tuesday, September 3rd. Finally, Canaccord Genuity upped their price objective on shares of Adobe from $300.00 to $320.00 and gave the stock a buy rating in a report on Wednesday, June 19th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $302.65.

NASDAQ ADBE opened at $277.91 on Wednesday. The company has a current ratio of 0.74, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The company has a fifty day simple moving average of $285.63 and a 200 day simple moving average of $281.81. The company has a market cap of $136.53 billion, a P/E ratio of 46.11, a P/E/G ratio of 2.75 and a beta of 1.11. Adobe has a 1 year low of $204.95 and a 1 year high of $313.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. Adobe’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.73 EPS. Equities research analysts forecast that Adobe will post 6.38 EPS for the current fiscal year.

In other Adobe news, EVP Dana Rao sold 2,832 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total transaction of $921,390.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,627 shares of company stock valued at $7,471,484. Insiders own 0.32% of the company’s stock.

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

Adobe Company Profile

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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