Adobe (NASDAQ:ADBE) Coverage Initiated at Redburn Atlantic

Equities research analysts at Redburn Atlantic began coverage on shares of Adobe (NASDAQ:ADBE) in a research report issued on Wednesday,Briefing.com Automated Import reports. The brokerage set a “neutral” rating on the software company’s stock.

A number of other equities research analysts also recently weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Bank of America cut their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Mizuho decreased their price target on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $573.00.

Adobe Stock Performance

ADBE traded down $7.99 during midday trading on Wednesday, reaching $456.12. The company’s stock had a trading volume of 734,126 shares, compared to its average volume of 3,555,697. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $443.14 and a 200 day simple moving average of $495.16. The stock has a market cap of $198.55 billion, a P/E ratio of 36.80, a PEG ratio of 2.23 and a beta of 1.31. Adobe has a twelve month low of $403.75 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter last year, the company posted $3.52 earnings per share. Research analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,681 shares of company stock valued at $2,525,126 in the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. International Assets Investment Management LLC raised its stake in Adobe by 66,909.7% in the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares during the period. Proficio Capital Partners LLC lifted its holdings in Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after purchasing an additional 830,300 shares during 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.