JMP Securities Reiterates Hold Rating for Adobe (NASDAQ:ADBE)

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Adobe (NASDAQ:ADBE)‘s stock had its “hold” rating restated by stock analysts at JMP Securities in a note issued to investors on Wednesday, TipRanks reports.

A number of other equities research analysts have also recently weighed in on the company. Griffin Securities raised their price target on Adobe from $303.00 to $317.00 and gave the company a “buy” rating in a report on Wednesday. Royal Bank of Canada dropped their price target on Adobe from $320.00 to $315.00 and set an “outperform” rating for the company in a report on Wednesday. Canaccord Genuity raised their price target on Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Nomura dropped their price target on Adobe from $315.00 to $310.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Wells Fargo & Co reaffirmed a “hold” rating and set a $275.00 price target (up from $250.00) on shares of Adobe in a report on Wednesday, June 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $302.65.

ADBE stock traded down $3.35 during midday trading on Wednesday, reaching $277.91. 3,362,893 shares of the company’s stock traded hands, compared to its average volume of 2,718,865. The company has a 50-day simple moving average of $285.63 and a two-hundred day simple moving average of $281.81. Adobe has a 1-year low of $204.95 and a 1-year high of $313.11. The company has a market cap of $138.20 billion, a price-to-earnings ratio of 50.07, a PEG ratio of 2.58 and a beta of 1.11. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.97 by $0.08. Adobe had a return on equity of 30.90% and a net margin of 26.10%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same period last year, the firm posted $1.73 EPS. The business’s revenue was up 23.7% on a year-over-year basis. Equities research analysts forecast that Adobe will post 6.3 EPS for the current year.

In other news, Director Charles M. Geschke sold 13,795 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total value of $3,999,998.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CMO Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, September 18th. The stock was sold at an average price of $274.34, for a total value of $823,020.00. Following the completion of the transaction, the chief marketing officer now owns 52,398 shares in the company, valued at $14,374,867.32. The disclosure for this sale can be found here. Insiders sold a total of 25,627 shares of company stock worth $7,471,484 over the last 90 days. 0.32% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of ADBE. Nuveen Asset Management LLC boosted its position in shares of Adobe by 17,012.2% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,916,308 shares of the software company’s stock worth $1,153,941,000 after purchasing an additional 3,893,422 shares during the last quarter. Invesco Ltd. boosted its position in shares of Adobe by 37.5% in the 2nd quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock worth $2,349,470,000 after purchasing an additional 2,174,047 shares during the last quarter. BlackRock Inc. boosted its position in shares of Adobe by 2.7% in the 2nd quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock worth $9,938,712,000 after purchasing an additional 887,115 shares during the last quarter. Morgan Stanley boosted its position in shares of Adobe by 13.2% in the 2nd quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock worth $2,047,848,000 after purchasing an additional 812,144 shares during the last quarter. Finally, Investec Asset Management LTD boosted its position in shares of Adobe by 77,287.5% in the 2nd quarter. Investec Asset Management LTD now owns 648,507 shares of the software company’s stock worth $247,000 after purchasing an additional 647,669 shares during the last quarter. Institutional investors and hedge funds own 86.03% of the company’s stock.

Adobe Company Profile

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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