Adobe (NASDAQ:ADBE) Earns Outperform Rating from Royal Bank of Canada

Adobe (NASDAQ:ADBE)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank of Canada in a research note issued to investors on Thursday,Benzinga reports. They presently have a $610.00 price objective on the software company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 13.95% from the stock’s previous close.

Several other research firms also recently weighed in on ADBE. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Thursday. Oppenheimer restated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Citigroup boosted their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $601.25.

Adobe Stock Performance

Adobe stock traded down $1.19 during mid-day trading on Thursday, reaching $535.30. 486,566 shares of the company traded hands, compared to its average volume of 3,114,407. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market capitalization of $235.64 billion, a price-to-earnings ratio of 45.21, a price-to-earnings-growth ratio of 2.35 and a beta of 1.29. The firm’s fifty day moving average is $502.99 and its two-hundred day moving average is $521.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Adobe will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. The trade was a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,187 shares of company stock valued at $17,736,369 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently added to or reduced their stakes in the company. Capital Investment Advisors LLC lifted its stake in Adobe by 14.4% in the second quarter. Capital Investment Advisors LLC now owns 5,589 shares of the software company’s stock valued at $3,105,000 after purchasing an additional 702 shares during the last quarter. Lion Street Advisors LLC boosted its position in shares of Adobe by 5.8% in the 2nd quarter. Lion Street Advisors LLC now owns 547 shares of the software company’s stock worth $304,000 after purchasing an additional 30 shares in the last quarter. Webster Bank N. A. lifted its position in Adobe by 13.7% in the 2nd quarter. Webster Bank N. A. now owns 216 shares of the software company’s stock valued at $120,000 after acquiring an additional 26 shares in the last quarter. Sax Wealth Advisors LLC purchased a new position in Adobe in the second quarter worth about $219,000. Finally, Wolff Wiese Magana LLC lifted its stake in shares of Adobe by 3.8% during the 2nd quarter. Wolff Wiese Magana LLC now owns 1,121 shares of the software company’s stock valued at $623,000 after buying an additional 41 shares in the last quarter. 81.79% of the stock is 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.