Adobe (NASDAQ:ADBE) Price Target Lowered to $500.00 at Oppenheimer

Adobe (NASDAQ:ADBE - Free Report) had its target price lowered by Oppenheimer from $530.00 to $500.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the software company's stock.

Other analysts have also recently issued research reports about the company. Mizuho cut their target price on Adobe from $620.00 to $575.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday. Robert W. Baird dropped their target price on shares of Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a research report on Wednesday, March 19th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe Price Performance

Adobe stock traded up $10.05 during mid-day trading on Friday, hitting $401.73. The stock had a trading volume of 6,790,684 shares, compared to its average volume of 3,395,025. Adobe has a one year low of $332.01 and a one year high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $171.22 billion, a P/E ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The firm's 50 day moving average is $386.76 and its 200 day moving average is $420.43.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.16% of the company's stock.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Brighton Jones LLC increased its stake in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA bought a new position in Adobe in the 4th quarter worth about $76,712,000. Stanley Laman Group Ltd. increased its position in shares of Adobe by 87.2% during the fourth quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company's stock worth $346,000 after acquiring an additional 362 shares during the period. IMS Capital Management increased its position in shares of Adobe by 2.7% during the fourth quarter. IMS Capital Management now owns 2,915 shares of the software company's stock worth $1,296,000 after acquiring an additional 76 shares during the period. Finally, Bogart Wealth LLC raised its stake in shares of Adobe by 8.1% during the fourth quarter. Bogart Wealth LLC now owns 13,981 shares of the software company's stock valued at $6,217,000 after acquiring an additional 1,043 shares in 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.