Citigroup Reiterates Neutral Rating for Adobe (NASDAQ:ADBE)

Adobe (NASDAQ:ADBE - Get Free Report)'s stock had its "neutral" rating reissued by investment analysts at Citigroup in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. They presently have a $465.00 target price on the software company's stock, up from their previous target price of $430.00. Citigroup's price objective suggests a potential upside of 18.67% from the company's current price.

A number of other analysts have also commented on the stock. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. BMO Capital Markets reduced their price target on shares of Adobe from $495.00 to $450.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada reissued an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Mizuho reduced their price target on shares of Adobe from $620.00 to $575.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company cut their price objective on shares of Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $495.29.

Adobe Trading Up 0.0%

NASDAQ:ADBE traded up $0.17 during trading hours on Tuesday, hitting $391.85. 3,096,985 shares of the stock were exchanged, compared to its average volume of 3,381,267. The company's 50 day moving average is $386.76 and its two-hundred day moving average is $420.43. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $167.01 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.16% of the stock is owned by company insiders.

Institutional Trading of Adobe

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its position in shares of Adobe by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after acquiring an additional 171,547 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares in the last quarter. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Adobe by 2.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 5,468,383 shares of the software company's stock worth $2,097,289,000 after acquiring an additional 126,688 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

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.