Adobe (NASDAQ:ADBE) Price Target Raised to $475.00

Adobe (NASDAQ:ADBE - Free Report) had its price target lifted by Bank of America from $424.00 to $475.00 in a report published on Friday,Benzinga reports. Bank of America currently has a buy rating on the software company's stock.

ADBE has been the subject of a number of other research reports. UBS Group boosted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Mizuho decreased their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday. Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Wells Fargo & Company upped their target price on shares of Adobe from $430.00 to $470.00 and gave the company an "overweight" rating in a research report on Friday. Nine 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 company. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe Stock Down 5.3%

Shares of ADBE traded down $22.00 on Friday, hitting $391.68. 10,618,205 shares of the stock traded hands, compared to its average volume of 3,427,246. 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. The company has a market capitalization of $166.93 billion, a PE ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a 50 day simple moving average of $386.76 and a 200 day simple moving average of $421.72.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. As a group, equities analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction on Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Adobe

Institutional investors have recently bought and sold shares of the company. Copia Wealth Management acquired a new stake in Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter worth $28,000. 1248 Management LLC purchased a new position in shares of Adobe in the first quarter worth $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the first quarter worth $26,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe in the fourth quarter worth $31,000. 81.79% of the stock is currently 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.