Adobe (NASDAQ:ADBE) Receives Buy Rating from Mizuho

Mizuho reiterated their buy rating on shares of Adobe (NASDAQ:ADBE) in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a $680.00 price target on the software company’s stock.

Several other equities analysts have also recently weighed in on ADBE. HSBC decreased their target price on shares of Adobe from $557.00 to $511.00 and set a hold rating for the company in a research note on Friday, March 15th. BMO Capital Markets restated an outperform rating and set a $610.00 price objective on shares of Adobe in a research note on Wednesday. Wells Fargo & Company cut their target price on shares of Adobe from $690.00 to $675.00 and set an overweight rating for the company in a research note on Friday, March 15th. Robert W. Baird decreased their target price on Adobe from $590.00 to $525.00 and set a neutral rating on the stock in a report on Friday, March 15th. Finally, UBS Group reduced their price objective on shares of Adobe from $600.00 to $540.00 and set a neutral rating for the company in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $620.72.

Adobe Price Performance

Adobe stock opened at $504.40 on Wednesday. The firm has a market capitalization of $228.27 billion, a P/E ratio of 48.26, a PEG ratio of 2.74 and a beta of 1.29. The business has a 50-day moving average of $573.39 and a 200-day moving average of $571.57. The company has a current ratio of 1.05, a quick ratio of 1.34 and a debt-to-equity ratio of 0.14. Adobe has a 1 year low of $331.89 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 EPS. On average, equities analysts anticipate that Adobe will post 14.57 EPS for the current year.

Adobe announced that its board has authorized a share repurchase plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization authorizes the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total transaction of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,400,519.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 84 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,400,519.45. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider David Wadhwani sold 6,099 shares of Adobe stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the sale, the insider now owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold a total of 9,162 shares of company stock valued at $5,340,250 in the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth about $3,277,785,000. Moneta Group Investment Advisors LLC raised its stake in Adobe by 115,991.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock worth $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. Concentrum Wealth Management lifted its holdings in Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after buying an additional 2,148,978 shares during the period. Wellington Management Group LLP boosted its position in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Finally, Morgan Stanley raised its position in shares of Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock worth $3,299,433,000 after acquiring an additional 1,471,861 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

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.