Adobe (NASDAQ:ADBE) Given "Outperform" Rating at Royal Bank of Canada

Adobe (NASDAQ:ADBE - Get Free Report)'s stock had its "outperform" rating reiterated by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $480.00 target price on the software company's stock. Royal Bank of Canada's price objective points to a potential upside of 15.61% from the company's previous close.

ADBE has been the topic of a number of other reports. Summit Redstone set a $410.00 price target on Adobe in a report on Wednesday, March 19th. Oppenheimer lowered their target price on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Mizuho decreased their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Eleven research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Stock Up 0.3%

Shares of NASDAQ:ADBE traded up $1.29 during trading on Thursday, reaching $415.20. 2,272,597 shares of the stock traded hands, compared to its average volume of 3,410,937. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $176.96 billion, a P/E ratio of 33.48, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The stock has a 50-day moving average of $380.10 and a two-hundred day moving average of $426.39.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ADBE. Sepio Capital LP grew its stake in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares during the period. Cadence Bank boosted its stake in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC boosted its stake in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares during the last quarter. RB Capital Management LLC boosted its holdings in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC boosted its stake in Adobe by 0.4% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after acquiring an additional 23 shares during the last quarter. 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.