Citigroup Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Key Points

• Citigroup has lowered its price target for Adobe from $450.00 to $400.00, maintaining a "neutral" rating, indicating a potential upside of 13.92% from the last close.
• Other analysts have varied opinions on Adobe, with BMO Capital Markets reaffirming an "outperform" rating, while Redburn Atlantic cut their rating to "strong sell" with a price target of $280.00.
• Adobe's stock increased by 0.3% during trading, reaching $351.13, with the company reporting a quarterly EPS of $5.06, surpassing estimates of $4.97.

Adobe (NASDAQ:ADBE - Get Free Report) had its price target reduced by analysts at Citigroup from $450.00 to $400.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the software company's stock. Citigroup's price target would suggest a potential upside of 13.92% from the company's previous close.

A number of other equities analysts also recently commented on ADBE. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. UBS Group decreased their price objective on Adobe from $430.00 to $400.00 and set a "neutral" rating for the company in a report on Friday, August 29th. Finally, Melius lowered Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price on the stock. in a report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $444.89.

Adobe Stock Up 0.3%

Shares of NASDAQ:ADBE traded up $0.97 during trading on Thursday, reaching $351.13. The stock had a trading volume of 1,813,592 shares, compared to its average volume of 3,764,389. The firm's 50-day simple moving average is $358.50 and its 200 day simple moving average is $381.10. Adobe has a one year low of $330.04 and a one year high of $587.75. The company has a market capitalization of $148.95 billion, a P/E ratio of 22.48, a PEG ratio of 1.68 and a beta of 1.48. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (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 analysts' expectations of $5.80 billion. During the same period last year, the business posted $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Adobe

A number of large investors have recently modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the period. Bank Pictet & Cie Europe AG boosted its position in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares in the last quarter. ProShare Advisors LLC increased its stake in Adobe by 18.8% during the 4th quarter. ProShare Advisors LLC now owns 591,711 shares of the software company's stock valued at $263,122,000 after purchasing an additional 93,841 shares in the last quarter. Polar Asset Management Partners Inc. purchased a new stake in Adobe during the 4th quarter valued at $35,574,000. Finally, Point72 Europe London LLP bought a new position in Adobe in the 4th quarter worth $4,772,000. 81.79% of the stock is currently owned by 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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