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

Adobe (NASDAQ:ADBE - Get Free Report)'s stock had its "outperform" rating reissued by equities research analysts at Royal Bank of Canada in a note issued to investors on Wednesday,Benzinga reports. They currently have a $530.00 price objective on the software company's stock. Royal Bank of Canada's price objective would indicate a potential upside of 36.86% from the stock's current price.

A number of other equities analysts also recently commented on ADBE. Bank of America reduced their price objective on shares of Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Thursday, December 12th. TD Cowen downgraded shares of Adobe from a "buy" rating to a "hold" rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday, December 12th. Jefferies Financial Group cut their price target on shares of Adobe from $700.00 to $650.00 and set a "buy" rating for the company in a report on Thursday, December 12th. Finally, StockNews.com downgraded shares of Adobe from a "strong-buy" rating to a "buy" rating in a report on Tuesday, March 4th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $538.80.

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Adobe Stock Performance

NASDAQ ADBE traded down $2.35 during midday trading on Wednesday, hitting $387.26. The company had a trading volume of 7,579,546 shares, compared to its average volume of 3,193,419. The firm has a fifty day simple moving average of $434.16 and a two-hundred day simple moving average of $475.10. The stock has a market cap of $168.62 billion, a price-to-earnings ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period last year, the firm earned $4.48 EPS. Equities analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.16% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. State Street Corp grew its holdings in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company's stock valued at $10,495,544,000 after purchasing an additional 234,909 shares during the period. Geode Capital Management LLC grew its holdings in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. FMR LLC grew its holdings in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company's stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Norges Bank acquired a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 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.