Mizuho Reiterates Buy Rating for Adobe (NASDAQ:ADBE)

Mizuho reaffirmed their buy rating on shares of Adobe (NASDAQ:ADBEFree Report) in a research note issued to investors on Friday, Benzinga reports. The firm currently has a $640.00 price target on the software company’s stock, down from their previous price target of $680.00.

ADBE has been the subject of a number of other reports. Barclays reduced their target price on shares of Adobe from $700.00 to $630.00 and set an overweight rating for the company in a research report on Friday, March 15th. TheStreet cut shares of Adobe from a b- rating to a c+ rating in a research report on Tuesday, March 19th. Evercore ISI restated an outperform rating and set a $650.00 price objective on shares of Adobe in a research report on Wednesday, March 27th. DA Davidson reissued a buy rating and issued a $685.00 target price on shares of Adobe in a research note on Thursday, March 28th. Finally, Piper Sandler reissued an overweight rating and issued a $700.00 target price on shares of Adobe in a research note on Wednesday, March 27th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $600.97.

View Our Latest Research Report on Adobe

Adobe Trading Down 1.2 %

ADBE opened at $459.94 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. The firm has a market capitalization of $206.05 billion, a PE ratio of 43.97, a P/E/G ratio of 2.52 and a beta of 1.27. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50-day moving average is $475.87 and its 200 day moving average is $544.12.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The firm had revenue of $5.18 billion during 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 company’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter last year, the business posted $2.97 EPS. As a group, research analysts predict that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has approved a share buyback plan on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Morgan Stanley increased its holdings in Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock valued at $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth about $3,277,785,000. Finally, Northern Trust Corp grew its holdings in shares of Adobe by 3.9% during the third quarter. Northern Trust Corp now owns 5,358,515 shares of the software company’s stock worth $2,732,307,000 after buying an additional 202,136 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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