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

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

A number of other equities research analysts have also recently commented on ADBE. Robert W. Baird decreased 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. Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Piper Sandler decreased their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Finally, UBS Group upped their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday. 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 company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $494.67.

Adobe Stock Down 5.3%

NASDAQ:ADBE traded down $22.00 during midday trading on Friday, reaching $391.68. 10,618,205 shares of the stock traded hands, compared to its average volume of 3,427,239. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The business has a 50-day moving average of $385.73 and a two-hundred day moving average of $422.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating 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 company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. On average, equities analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock worth $15,779,895,000 after purchasing an additional 171,547 shares during the period. Geode Capital Management LLC boosted its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Adobe by 14.4% during the first 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 purchasing an additional 821,293 shares in the last quarter. Norges Bank purchased a new position in Adobe during the fourth quarter worth approximately $2,553,035,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Adobe by 2.4% during the first 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 purchasing an additional 126,688 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.