JMP Securities Reaffirms “Market Perform” Rating for Adobe (NASDAQ:ADBE)

JMP Securities restated their market perform rating on shares of Adobe (NASDAQ:ADBE) in a research note published on Friday, Benzinga reports.

Other research analysts have also recently issued reports about the stock. Bank of America decreased their target price on shares of Adobe from $700.00 to $640.00 and set a buy rating for the company in a report on Friday, March 15th. Barclays lifted their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an overweight rating in a report on Friday. Melius cut shares of Adobe from a buy rating to a hold rating and set a $510.00 target price for the company. in a report on Monday, June 10th. Mizuho reaffirmed a buy rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Finally, Citigroup decreased their target price on shares of Adobe from $554.00 to $529.00 and set a neutral rating for the company in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $607.67.

Adobe Trading Down 1.3 %

NASDAQ:ADBE opened at $518.74 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.05. The company’s 50-day simple moving average is $475.32 and its 200 day simple moving average is $539.44. The firm has a market capitalization of $232.40 billion, a P/E ratio of 46.61, a PEG ratio of 2.84 and a beta of 1.27.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 earnings per share. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, analysts forecast that Adobe will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a share buyback program on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Adobe news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now owns 33,609 shares of the company’s stock, valued at approximately $15,829,839. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 3,006 shares of company stock worth $1,424,432 over the last three months. 0.15% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its holdings in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe in the 4th quarter worth approximately $35,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Adobe in the 3rd quarter worth approximately $45,000. 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.