Adobe’s (ADBE) Market Perform Rating Reiterated at JMP Securities

JMP Securities restated their market perform rating on shares of Adobe (NASDAQ:ADBE) in a research note issued to investors on Monday morning,Benzinga reports.

Other research analysts have also issued research reports about the stock. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Robert W. Baird boosted their target price on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Finally, Mizuho lowered their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Stock Up 1.4%

Shares of NASDAQ:ADBE opened at $387.55 on Monday. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $165.17 billion, a P/E ratio of 24.80, a PEG ratio of 1.81 and a beta of 1.55. The business has a fifty day moving average of $391.76 and a two-hundred day moving average of $413.89. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the business posted $4.48 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. On average, research analysts expect that Adobe will post 16.65 earnings per share for the current year.

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently made changes to their positions in the stock. Voya Investment Management LLC raised its holdings in shares of Adobe by 80.2% in the 1st quarter. Voya Investment Management LLC now owns 246,390 shares of the software company’s stock worth $94,498,000 after purchasing an additional 109,641 shares during the period. Guinness Asset Management LTD raised its holdings in Adobe by 5.3% in the first quarter. Guinness Asset Management LTD now owns 88,006 shares of the software company’s stock valued at $33,755,000 after buying an additional 4,413 shares during the period. 1248 Management LLC acquired a new position in Adobe during the first quarter valued at approximately $33,000. First Long Island Investors LLC lifted its position in Adobe by 2.8% during the first quarter. First Long Island Investors LLC now owns 48,834 shares of the software company’s stock valued at $18,729,000 after buying an additional 1,347 shares in the last quarter. Finally, Nicola Wealth Management LTD. grew its stake in Adobe by 7.5% during the first quarter. Nicola Wealth Management LTD. now owns 44,200 shares of the software company’s stock worth $16,952,000 after buying an additional 3,100 shares during the period. Institutional investors and hedge funds 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.