Adobe (NASDAQ:ADBE - Free Report) had its price objective cut by Mizuho from $575.00 to $530.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the software company's stock.
Other equities research analysts also recently issued research reports about the stock. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note on Friday. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Robert W. Baird reduced their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Finally, Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Nine equities 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 stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.
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Adobe Stock Performance
ADBE stock traded down $22.00 on Friday, reaching $391.68. 10,618,205 shares of the company were exchanged, compared to its average volume of 3,427,246. Adobe has a 12 month low of $332.01 and a 12 month high of $587.75. The stock's fifty day moving average price is $386.76 and its 200 day moving average price is $421.72. The firm has a market capitalization of $166.93 billion, a PE ratio of 31.59, a PEG 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.
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 for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the previous year, the company earned $4.48 earnings per share. On average, research analysts anticipate that Adobe will post 16.65 EPS for the current fiscal year.
Insider Activity at Adobe
In other news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.16% of the company's stock.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of ADBE. Brighton Jones LLC lifted its stake in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new position in Adobe in the fourth quarter valued at approximately $76,712,000. Stanley Laman Group Ltd. lifted its position in shares of Adobe by 87.2% in the fourth quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company's stock worth $346,000 after purchasing an additional 362 shares in the last quarter. IMS Capital Management lifted its position in shares of Adobe by 2.7% in the fourth quarter. IMS Capital Management now owns 2,915 shares of the software company's stock worth $1,296,000 after purchasing an additional 76 shares in the last quarter. Finally, Bogart Wealth LLC lifted its position in shares of Adobe by 8.1% in the fourth quarter. Bogart Wealth LLC now owns 13,981 shares of the software company's stock worth $6,217,000 after purchasing an additional 1,043 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
About Adobe
(
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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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