Adobe (NASDAQ:ADBE) Price Target Cut to $530.00 by Analysts at Oppenheimer

Adobe (NASDAQ:ADBE) had its target price cut by investment analysts at Oppenheimer from $560.00 to $530.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the software company’s stock. Oppenheimer’s price target points to a potential upside of 20.84% from the stock’s previous close.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. BMO Capital Markets set a $515.00 price target on Adobe and gave the stock an “outperform” rating in a research report on Friday, March 7th. Royal Bank of Canada reduced their price objective on Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a research report on Friday, March 7th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Finally, Jefferies Financial Group reduced their price target on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $558.96.

Adobe Trading Up 1.1 %

Shares of ADBE opened at $438.60 on Thursday. Adobe has a 1-year low of $403.75 and a 1-year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm’s 50-day moving average price is $439.01 and its 200-day moving average price is $484.54. The firm has a market capitalization of $190.97 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Sell-side analysts anticipate that Adobe will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. The trade was a 11.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds have recently made changes to their positions in the business. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in Adobe during the third quarter worth $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares during the period. SWAN Capital LLC bought a new position in Adobe during the fourth quarter valued at $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter valued at $28,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Company Profile

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.