Adobe (NASDAQ:ADBE) Price Target Raised to $465.00

Adobe (NASDAQ:ADBE - Free Report) had its price objective raised by Citigroup from $430.00 to $465.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the software company's stock.

Several other research firms have also recently weighed in on ADBE. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Evercore ISI cut their target price on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Oppenheimer decreased their price target on Adobe from $560.00 to $530.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Finally, Bank of America lowered their price target on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $503.85.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $0.20 during midday trading on Tuesday, hitting $416.06. The company had a trading volume of 2,623,502 shares, compared to its average volume of 3,404,872. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market cap of $177.32 billion, a price-to-earnings ratio of 33.55, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. 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 business's 50-day simple moving average is $382.02 and its 200-day simple moving average is $423.49.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the company earned $4.48 EPS. On average, research analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Adobe

Large investors have recently bought and sold shares of the business. Norges Bank acquired a new position in Adobe in the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC lifted its position in shares of Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in shares of Adobe in the 1st quarter valued at $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after buying an additional 1,216,351 shares during the last quarter. Hedge funds and other 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.