Adobe Inc. (NASDAQ:ADBE - Get Free Report)'s stock price gapped down before the market opened on Friday after Mizuho lowered their price target on the stock from $575.00 to $530.00. The stock had previously closed at $413.68, but opened at $392.50. Mizuho currently has an outperform rating on the stock. Adobe shares last traded at $386.98, with a volume of 3,412,937 shares.
Other equities analysts have also issued reports about the stock. DA Davidson decreased their target price on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday. Evercore ISI restated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Citigroup raised their price target on shares of Adobe from $430.00 to $465.00 and gave the company a "neutral" rating in a research note on Tuesday, June 10th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $494.67.
View Our Latest Report on ADBE
Insider Transactions at Adobe
In other news, CFO Daniel Durn purchased 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.16% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of 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 valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. 1248 Management LLC purchased a new stake in Adobe in the first quarter worth $25,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the first quarter worth $26,000. SWAN Capital LLC purchased a new stake in Adobe in the fourth quarter worth $28,000. Finally, Copia Wealth Management purchased a new position in Adobe during the fourth quarter valued at $28,000. 81.79% of the stock is currently owned by institutional investors.
Adobe Price Performance
The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The firm has a 50-day simple moving average of $386.76 and a 200 day simple moving average of $421.08.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly 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 previous year, the firm earned $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
About Adobe
(
Get Free Report)
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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