Adobe’s (ADBE) Overweight Rating Reaffirmed at Piper Sandler

Piper Sandler reiterated their overweight rating on shares of Adobe (NASDAQ:ADBE) in a report issued on Wednesday morning, Benzinga reports. They currently have a $700.00 price objective on the software company’s stock.

A number of other research analysts also recently issued reports on the company. Barclays cut their price objective on Adobe from $700.00 to $630.00 and set an overweight rating for the company in a research note on Friday, March 15th. BNP Paribas cut Adobe from a neutral rating to an underperform rating and set a $499.00 price target on the stock. in a report on Thursday, January 18th. DA Davidson reissued a buy rating and issued a $685.00 price target on shares of Adobe in a report on Friday, March 15th. JPMorgan Chase & Co. lowered their price target on Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a report on Friday, March 15th. Finally, Royal Bank of Canada lowered their price target on Adobe from $650.00 to $630.00 and set an outperform rating on the stock in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $620.72.

Adobe Trading Down 0.6 %

Adobe stock opened at $504.40 on Wednesday. The business has a 50-day simple moving average of $573.39 and a two-hundred day simple moving average of $571.57. The company has a market cap of $228.27 billion, a P/E ratio of 48.26, a P/E/G ratio of 2.74 and a beta of 1.29. The company has a quick ratio of 1.34, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a 52-week low of $331.89 and a 52-week high of $638.25.

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

Adobe declared that its Board of Directors has approved a stock buyback plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Adobe

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

Institutional Investors Weigh In On Adobe

Institutional investors have recently added to or reduced their stakes in the stock. Iron Horse Wealth Management LLC bought a new stake in Adobe during the third quarter valued at about $25,000. HBC Financial Services PLLC bought a new stake in Adobe during the third quarter valued at about $25,000. Garner Asset Management Corp bought a new stake in Adobe during the fourth quarter valued at about $31,000. Global Wealth Strategies & Associates boosted its position in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after purchasing an additional 19 shares in the last quarter. Finally, Aspect Partners LLC bought a new stake in Adobe during the fourth quarter valued at about $33,000. Institutional investors own 81.79% of the company’s stock.

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.