Royal Bank of Canada Begins Coverage on Adobe (NASDAQ:ADBE)

Royal Bank of Canada assumed coverage on shares of Adobe (NASDAQ:ADBE) in a research report issued to clients and investors on Friday, FinViz reports. The brokerage set an “outperform” rating on the software company’s stock.

Several other brokerages have also commented on ADBE. ValuEngine lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. BidaskClub lowered shares of Adobe from a “hold” rating to a “sell” rating in a research note on Wednesday. Wedbush lifted their price target on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Credit Suisse Group lifted their price target on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Finally, Stephens set a $327.00 price target on shares of Adobe and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $301.69.

Shares of Adobe stock traded up $0.33 during trading on Friday, hitting $278.35. 2,187,646 shares of the stock were exchanged, compared to its average volume of 2,670,654. The stock has a market cap of $134.05 billion, a price-to-earnings ratio of 50.15, a price-to-earnings-growth ratio of 2.51 and a beta of 1.11. The firm’s 50-day moving average price is $289.67 and its 200 day moving average price is $281.20. Adobe has a 12-month low of $204.95 and a 12-month high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70.



Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.66 EPS. As a group, research analysts forecast that Adobe will post 6.3 earnings per share for the current year.

In other Adobe news, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the completion of the transaction, the executive vice president now owns 58,458 shares in the company, valued at $16,777,446. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,627 shares of company stock worth $8,697,224. 0.32% of the stock is currently owned by company insiders.

Several institutional investors have recently modified their holdings of the company. Shine Investment Advisory Services Inc. increased its stake in shares of Adobe by 1.3% during the second quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock worth $748,000 after acquiring an additional 33 shares during the period. Rockland Trust Co. boosted its holdings in Adobe by 1.3% during the second quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock worth $874,000 after buying an additional 37 shares in the last quarter. First National Bank of Hutchinson boosted its holdings in Adobe by 1.5% during the second quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock worth $766,000 after buying an additional 37 shares in the last quarter. Zions Bancorporation N.A. boosted its holdings in Adobe by 0.8% during the second quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock worth $1,343,000 after buying an additional 38 shares in the last quarter. Finally, Associated Banc Corp boosted its holdings in Adobe by 1.1% during the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock worth $943,000 after buying an additional 39 shares in the last quarter. Institutional investors and hedge funds own 86.53% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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