Adobe (NASDAQ:ADBE) Price Target Lowered to $450.00 at Evercore ISI

Key Points

• Evercore ISI has lowered its price target for Adobe from $475.00 to $450.00, while maintaining an "outperform" rating, indicating a potential upside of 28.37% from the stock's previous close.
• Several brokerages have differing views on Adobe, with Rothschild cutting its rating to "sell" at a $280.00 target, while others maintain buy or hold ratings with targets ranging up to $500.00.
• Adobe's most recent quarterly results showed an EPS of $5.06, exceeding estimates and representing a 10.6% revenue increase year-over-year.

Adobe (NASDAQ:ADBE - Get Free Report) had its price objective decreased by stock analysts at Evercore ISI from $475.00 to $450.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an "outperform" rating on the software company's stock. Evercore ISI's price target points to a potential upside of 28.37% from the stock's previous close.

Several other brokerages have also issued reports on ADBE. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research report on Wednesday, July 2nd. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. DA Davidson reiterated a "buy" rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. 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 assigned a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $440.44.

Adobe Price Performance

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

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%.The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the company posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe will post 16.65 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter worth about $28,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter worth about $28,000. 1248 Management LLC purchased a new stake in Adobe during the 1st quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter worth about $26,000. Finally, LSV Asset Management lifted its holdings in Adobe by 350.0% during the 2nd quarter. LSV Asset Management now owns 72 shares of the software company's stock worth $28,000 after buying an additional 56 shares during the last quarter. 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.

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