Adobe (NASDAQ:ADBE) Price Target Cut to $420.00 by Analysts at TD Cowen

Key Points

• Analysts at TD Cowen have lowered Adobe's price target from $470.00 to $420.00, maintaining a "hold" rating on the stock, which suggests a potential upside of 20.60% from its current price.
• Other analysts have also adjusted their targets, with UBS reducing theirs from $400.00 to $375.00 and Royal Bank of Canada lowering theirs from $480.00 to $430.00.
• Adobe's shares saw a slight decline of 0.7%, trading at $348.27 as of mid-day, with a market capitalization of $147.73 billion.

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective lowered by analysts at TD Cowen from $470.00 to $420.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "hold" rating on the software company's stock. TD Cowen's target price would suggest a potential upside of 20.60% from the stock's current price.

Other equities analysts have also recently issued research reports about the company. UBS Group decreased their price objective on Adobe from $400.00 to $375.00 and set a "neutral" rating for the company in a report on Friday. Royal Bank Of Canada lowered their price target on Adobe from $480.00 to $430.00 and set an "outperform" rating on the stock in a research report on Monday. Melius lowered Adobe from a "hold" rating to a "sell" rating and set a $310.00 price objective on the stock. in a research note on Monday, August 11th. Oppenheimer dropped their price objective on Adobe from $500.00 to $460.00 and set an "outperform" rating on the stock in a research note on Tuesday. Finally, Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $435.63.

Adobe Stock Down 0.7%

Shares of NASDAQ ADBE traded down $2.28 during mid-day trading on Friday, hitting $348.27. The company had a trading volume of 4,240,646 shares, compared to its average volume of 3,824,398. The company has a market capitalization of $147.73 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 1.66 and a beta of 1.48. The firm has a 50-day simple moving average of $357.92 and a two-hundred day simple moving average of $380.45. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe has a one year low of $330.04 and a one year high of $557.90.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%.Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 EPS. On average, equities analysts expect that Adobe will post 16.65 EPS for the current year.

Institutional Investors Weigh In On Adobe

Large investors have recently added to or reduced their stakes in the stock. Siemens Fonds Invest GmbH grew its position 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 in the last quarter. 1248 Management LLC bought a new position in shares of Adobe in the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter valued at $26,000. SWAN Capital LLC bought a new position in shares of Adobe in the 4th quarter valued at $28,000. Finally, Copia Wealth Management acquired a new stake in shares of Adobe during the 4th quarter valued at $28,000. Institutional investors and hedge funds own 81.79% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.