Investment analysts at Bank of America began coverage on shares of Adobe (NASDAQ:ADBE) in a report released on Thursday, The Fly reports. The brokerage set a “buy” rating on the software company’s stock.

Other research analysts have also issued reports about the company. Barclays reaffirmed a “buy” rating and issued a $605.00 target price on shares of Adobe in a research report on Sunday, December 13th. BMO Capital Markets cut their target price on Adobe from $570.00 to $535.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 30th. Credit Suisse Group started coverage on Adobe in a report on Tuesday, March 16th. They issued an “outperform” rating and a $575.00 price target for the company. Oppenheimer started coverage on Adobe in a report on Friday, December 11th. They issued a “buy” rating and a $550.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on Adobe from $585.00 to $595.00 and gave the company an “overweight” rating in a report on Wednesday, March 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nineteen have given a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $547.58.

Shares of ADBE opened at $493.41 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.44 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $235.85 billion, a P/E ratio of 45.52, a price-to-earnings-growth ratio of 2.55 and a beta of 0.97. The stock’s fifty day simple moving average is $461.15 and its 200 day simple moving average is $476.51. Adobe has a twelve month low of $308.20 and a twelve month high of $536.88.

Adobe (NASDAQ:ADBE) last issued its earnings results on Monday, March 22nd. The software company reported $3.14 earnings per share for the quarter, topping the consensus estimate of $2.79 by $0.35. The business had revenue of $3.91 billion for the quarter, compared to analyst estimates of $3.76 billion. Adobe had a return on equity of 35.81% and a net margin of 40.88%. The business’s quarterly revenue was up 26.3% on a year-over-year basis. During the same period last year, the company posted $2.27 EPS. Sell-side analysts predict that Adobe will post 9.47 earnings per share for the current year.

Adobe announced that its Board of Directors has authorized a stock repurchase plan on Thursday, December 10th that allows the company to buyback $15.00 billion in shares. This buyback authorization allows the software company to purchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

In related news, CFO John Francis Murphy sold 2,139 shares of Adobe stock in a transaction dated Monday, January 25th. The stock was sold at an average price of $474.51, for a total value of $1,014,976.89. Following the completion of the transaction, the chief financial officer now directly owns 19,553 shares in the company, valued at $9,278,094.03. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction dated Friday, January 15th. The stock was sold at an average price of $463.07, for a total value of $277,842.00. Following the completion of the transaction, the executive vice president now owns 15,467 shares of the company’s stock, valued at $7,162,303.69. The disclosure for this sale can be found here. Insiders have sold 112,558 shares of company stock valued at $52,990,341 over the last 90 days. Insiders own 0.31% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Adobe by 2.0% in the fourth quarter. BlackRock Inc. now owns 37,765,781 shares of the software company’s stock worth $18,887,420,000 after purchasing an additional 753,183 shares in the last quarter. Jennison Associates LLC lifted its holdings in Adobe by 2.3% in the fourth quarter. Jennison Associates LLC now owns 7,090,041 shares of the software company’s stock worth $3,545,871,000 after acquiring an additional 157,886 shares during the last quarter. Morgan Stanley lifted its holdings in Adobe by 8.2% in the fourth quarter. Morgan Stanley now owns 6,714,823 shares of the software company’s stock worth $3,358,218,000 after acquiring an additional 509,861 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Adobe by 5.0% in the fourth quarter. Fisher Asset Management LLC now owns 5,818,183 shares of the software company’s stock worth $2,909,790,000 after acquiring an additional 278,509 shares during the last quarter. Finally, Norges Bank bought a new position in Adobe in the fourth quarter worth about $2,359,174,000. Institutional investors and hedge funds own 82.43% 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, teams, 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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The Fly

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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