Adobe (NASDAQ:ADBE) Price Target Raised to $465.00 at Citigroup

Adobe (NASDAQ:ADBE) had its price target increased by Citigroup from $430.00 to $465.00 in a report released on Tuesday,Benzinga reports. They currently have a neutral rating on the software company’s stock.

A number of other equities analysts have also recently issued reports on the stock. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. UBS Group upped their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday. Mizuho dropped their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Finally, Oppenheimer reduced their price objective on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $503.33.

Adobe Stock Up 0.2%

ADBE stock opened at $413.68 on Tuesday. The stock has a market capitalization of $176.31 billion, a PE ratio of 33.36, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a fifty day moving average of $385.73 and a 200-day moving average of $422.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a one year low of $332.01 and a one year high of $587.75.

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

Insider Buying and Selling

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Siemens Fonds Invest GmbH grew its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the period. 1248 Management LLC acquired a new stake in Adobe in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the first quarter valued at about $26,000. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter valued at about $28,000. Finally, Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter worth about $28,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.