Adobe (NASDAQ:ADBE) Receives Market Perform Rating from JMP Securities

Adobe (NASDAQ:ADBE)‘s stock had its “market perform” rating reissued by equities research analysts at JMP Securities in a report released on Thursday, Benzinga reports.

Other equities research analysts also recently issued reports about the stock. DA Davidson restated a “buy” rating and issued a $685.00 target price on shares of Adobe in a research note on Friday, March 15th. Barclays lowered their target price on shares of Adobe from $700.00 to $630.00 and set an “overweight” rating for the company in a research note on Friday, March 15th. BMO Capital Markets restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Wednesday. TheStreet downgraded shares of Adobe from a “b-” rating to a “c+” rating in a research note on Tuesday, March 19th. Finally, Mizuho reiterated a “buy” rating and set a $680.00 price objective on shares of Adobe in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $620.72.

Adobe Trading Down 0.0 %

Shares of NASDAQ:ADBE traded down $0.13 during trading on Thursday, reaching $504.27. The company’s stock had a trading volume of 926,763 shares, compared to its average volume of 3,630,803. 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 12 month low of $331.89 and a 12 month high of $638.25. The firm’s 50 day simple moving average is $573.39 and its two-hundred day simple moving average is $571.57. The stock has a market capitalization of $228.21 billion, a PE ratio of 48.20, a price-to-earnings-growth ratio of 2.75 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The company 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 firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the prior year, the company posted $2.97 EPS. On average, research analysts predict that Adobe will post 14.57 EPS for the current fiscal year.

Adobe declared that its Board of Directors has approved a stock repurchase program 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 programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 84 shares of the company’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 transaction of $49,727.16. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 84 shares of the 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 sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,400,519.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David Wadhwani sold 6,099 shares of the stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total transaction of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares in the company, valued at $4,353,456.78. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,162 shares of company stock worth $5,340,250. 0.15% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Iron Horse Wealth Management LLC acquired a new position in shares of Adobe in the third quarter valued at approximately $25,000. HBC Financial Services PLLC acquired a new position in Adobe during the third quarter worth $25,000. 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 worth $27,000 after purchasing an additional 19 shares in the last quarter. Financial Freedom LLC purchased a new stake in Adobe during the fourth quarter worth $29,000. Finally, Halpern Financial Inc. boosted its position in Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 44 shares in the last quarter. Hedge funds and other institutional investors 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.