StockNews.com Lowers Adobe (NASDAQ:ADBE) to Hold

StockNews.com lowered shares of Adobe (NASDAQ:ADBE) from a buy rating to a hold rating in a report released on Saturday morning.

Other equities analysts have also issued research reports about the company. TheStreet lowered Adobe from a b- rating to a c+ rating in a research note on Tuesday, March 19th. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a research note on Friday, June 14th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the company an underweight rating in a research note on Friday, June 14th. Bank of America dropped their target price on Adobe from $700.00 to $640.00 and set a buy rating for the company in a research report on Friday, March 15th. Finally, HSBC dropped their price target 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. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $607.67.

Adobe Stock Up 0.5 %

ADBE opened at $526.88 on Friday. The firm has a market cap of $236.04 billion, a price-to-earnings ratio of 47.34, a PEG ratio of 2.78 and a beta of 1.27. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.05 and a current ratio of 1.16. The firm’s 50-day simple moving average is $480.67 and its 200-day simple moving average is $536.04. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.04 earnings per share. Equities research analysts anticipate that Adobe will post 14.69 EPS for the current fiscal year.

Adobe declared that its board has authorized a share repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Anil Chakravarthy sold 100 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total transaction of $47,100.00. Following the transaction, the insider now owns 33,609 shares in the company, valued at $15,829,839. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,270 shares of company stock worth $1,563,166. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank acquired a new stake in Adobe in the 4th quarter worth about $3,277,785,000. Wellington Management Group LLP raised its position in shares of Adobe by 1,213.5% in 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 buying an additional 1,870,307 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Adobe in the fourth quarter valued at approximately $875,592,000. Swedbank AB acquired a new stake in Adobe during the first quarter worth approximately $621,179,000. Finally, Price T Rowe Associates Inc. MD increased its stake in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 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.