Adobe (NASDAQ:ADBE) Coverage Initiated by Analysts at Royal Bank of Canada

Equities research analysts at Royal Bank of Canada began coverage on shares of Adobe (NASDAQ:ADBE) in a research report issued to clients and investors on Friday, FinViz reports. The brokerage set a “buy” rating and a $320.00 price target on the software company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 14.96% from the stock’s current price.

Several other research analysts have also weighed in on ADBE. JPMorgan Chase & Co. upped their price objective on shares of Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. BMO Capital Markets upped their price objective on shares of Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Wednesday, June 19th. Credit Suisse Group boosted their target price on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research report on Wednesday, June 19th. Wedbush boosted their target price on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Finally, Canaccord Genuity boosted their target price on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $301.95.

Adobe stock opened at $278.35 on Friday. The firm has a market cap of $134.96 billion, a PE ratio of 50.15, a P/E/G ratio of 2.52 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. The firm’s 50 day moving average price is $289.67 and its two-hundred day moving average price is $281.20. Adobe has a twelve month low of $204.95 and a twelve month high of $313.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 EPS. Equities analysts anticipate that Adobe will post 6.3 EPS for the current fiscal year.

In related news, EVP Ann Lewnes sold 3,000 shares of the company’s 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 sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at approximately $16,777,446. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles M. Geschke sold 13,795 shares of the company’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,627 shares of company stock valued at $8,697,224. 0.32% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Adobe by 3.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 158,947 shares of the software company’s stock valued at $46,834,000 after purchasing an additional 5,707 shares during the period. Stonehage Fleming Financial Services Holdings Ltd bought a new stake in Adobe in the 2nd quarter valued at $70,952,000. EP Wealth Advisors LLC boosted its holdings in Adobe by 46.7% in the 2nd quarter. EP Wealth Advisors LLC now owns 4,206 shares of the software company’s stock valued at $1,239,000 after purchasing an additional 1,339 shares during the period. Toronto Dominion Bank boosted its holdings in Adobe by 3.2% in the 2nd quarter. Toronto Dominion Bank now owns 349,974 shares of the software company’s stock valued at $103,095,000 after purchasing an additional 10,748 shares during the period. Finally, Atria Investments LLC boosted its holdings in Adobe by 7.9% in the 2nd quarter. Atria Investments LLC now owns 10,259 shares of the software company’s stock valued at $2,950,000 after purchasing an additional 755 shares during the period. 86.53% of the stock is owned by institutional investors and hedge funds.

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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