Adobe (NASDAQ:ADBE) Price Target Cut to $470.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler has cut Adobe's price target from $500.00 to $470.00, while maintaining an "overweight" rating, suggesting a potential upside of 34.08% from its current price.
• Other analysts have also adjusted their ratings, with Barclays lowering their target to $460.00, while Melius downgraded Adobe to "sell" with a target of $310.00.
• Adobe's stock opened at $350.55, with a 52-week range between $330.04 and $587.75, and it has a market capitalization of $148.70 billion.

Adobe (NASDAQ:ADBE - Get Free Report) had its price target decreased by investment analysts at Piper Sandler from $500.00 to $470.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the software company's stock. Piper Sandler's target price would suggest a potential upside of 34.08% from the company's current price.

Several other research analysts have also issued reports on ADBE. Barclays lowered their target price on Adobe from $567.00 to $460.00 and set an "overweight" rating for the company in a research report on Friday, September 5th. Melius lowered Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price for the company. in a research report on Monday, August 11th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and lowered their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $442.11.

Adobe Stock Up 0.1%

Shares of ADBE opened at $350.55 on Friday. Adobe has a 52 week low of $330.04 and a 52 week high of $587.75. The stock has a market capitalization of $148.70 billion, a price-to-earnings ratio of 22.43, a PEG ratio of 1.66 and a beta of 1.48. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a fifty day moving average of $357.92 and a 200-day moving average of $380.45.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates 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 was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $4.48 EPS. As a group, sell-side analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Institutional Trading of Adobe

Large investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the period. 1248 Management LLC acquired a new stake in shares of Adobe in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter valued at about $28,000. Finally, Copia Wealth Management acquired a new stake in shares of Adobe in the 4th quarter valued at about $28,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

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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