Adobe (NASDAQ:ADBE) Earns Buy Rating from Mizuho

Mizuho restated their buy rating on shares of Adobe (NASDAQ:ADBE) in a research note issued to investors on Wednesday morning, Benzinga reports. The firm currently has a $680.00 price target on the software company’s stock.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada reaffirmed an outperform rating and issued a $630.00 price objective on shares of Adobe in a research note on Wednesday. KeyCorp assumed coverage on shares of Adobe in a research note on Thursday, March 21st. They issued an underweight rating and a $445.00 price objective for the company. HSBC reduced their price objective on shares of Adobe from $557.00 to $511.00 and set a hold rating for the company in a research note on Friday, March 15th. BNP Paribas lowered shares of Adobe from a neutral rating to an underperform rating and set a $499.00 price objective for the company. in a research note on Thursday, January 18th. Finally, Bank of America reduced their price objective 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $620.72.

Adobe Stock Up 0.0 %

ADBE stock opened at $504.60 on Wednesday. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The company 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. The company has a 50 day moving average of $569.77 and a two-hundred day moving average of $570.64.

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

Adobe declared that its board has initiated a stock repurchase program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In related news, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the sale, the insider now owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at approximately $4,353,456.78. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Rockland Trust Co. lifted its position in shares of Adobe by 4.1% during the third quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock worth $564,000 after purchasing an additional 44 shares in the last quarter. Team Hewins LLC acquired a new position in shares of Adobe during the third quarter worth approximately $4,141,000. Guinness Asset Management LTD lifted its position in shares of Adobe by 5.9% during the third quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares in the last quarter. Dynamic Advisor Solutions LLC lifted its position in shares of Adobe by 23.9% during the third quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 shares in the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD lifted its position in shares of Adobe by 36.7% during the third quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after purchasing an additional 1,871 shares in the last quarter. 81.79% of the stock is currently 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.