Bank of America Reaffirms Buy Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE)‘s stock had its “buy” rating reiterated by research analysts at Bank of America in a research report issued on Friday, Benzinga reports. They currently have a $640.00 target price on the software company’s stock. Bank of America‘s price objective suggests a potential upside of 20.32% from the stock’s previous close.

ADBE has been the topic of a number of other research reports. Piper Sandler Companies reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday. Finally, Melius Research restated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $608.48.

Adobe Stock Down 9.3 %

Adobe stock traded down $54.62 during mid-day trading on Friday, reaching $531.93. 6,901,903 shares of the company’s stock were exchanged, compared to its average volume of 3,192,193. The company has a fifty day moving average of $554.59 and a 200-day moving average of $520.35. The company has a market cap of $235.86 billion, a P/E ratio of 47.79, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

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

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter worth about $33,000. Steph & Co. raised its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter worth about $39,000. 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.