Adobe (NASDAQ:ADBE – Get Rating) had its price objective dropped by analysts at Credit Suisse Group from $525.00 to $425.00 in a report released on Friday, The Fly reports. Credit Suisse Group’s price target would suggest a potential upside of 16.41% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. Citigroup reduced their target price on Adobe from $455.00 to $425.00 and set a “neutral” rating for the company in a research note on Tuesday. TheStreet lowered Adobe from a “b” rating to a “c+” rating in a research note on Thursday, February 17th. Barclays reduced their target price on Adobe from $530.00 to $445.00 in a research note on Friday. Evercore ISI assumed coverage on Adobe in a research note on Wednesday, March 23rd. They issued a “buy” rating and a $650.00 target price for the company. Finally, Oppenheimer reduced their target price on Adobe from $560.00 to $400.00 in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $521.33.
Adobe stock opened at $365.08 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market capitalization of $172.50 billion, a price-to-earnings ratio of 36.25, a PEG ratio of 1.95 and a beta of 1.08. Adobe has a 1-year low of $360.90 and a 1-year high of $699.54. The business has a fifty day moving average price of $409.29 and a 200-day moving average price of $475.76.
In related news, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total value of $2,021,500.00. Following the sale, the director now directly owns 405,165 shares in the company, valued at approximately $163,808,209.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 463 shares of the business’s stock in a transaction that occurred on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total value of $197,140.77. The disclosure for this sale can be found here. Over the last quarter, insiders sold 11,538 shares of company stock worth $4,793,387. 0.23% of the stock is currently owned by insiders.
Several institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Adobe by 3.3% during the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after buying an additional 1,212,093 shares during the period. State Street Corp raised its position in shares of Adobe by 3.4% during the 4th quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after buying an additional 643,656 shares during the period. Geode Capital Management LLC raised its position in shares of Adobe by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock valued at $4,863,475,000 after buying an additional 211,062 shares during the period. Morgan Stanley raised its position in shares of Adobe by 4.0% during the 2nd quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock valued at $4,115,275,000 after buying an additional 267,038 shares during the period. Finally, Fisher Asset Management LLC raised its position in shares of Adobe by 4.7% during the 4th quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company’s stock valued at $3,821,679,000 after buying an additional 304,991 shares during the period. Institutional investors and hedge funds own 82.54% of the company’s stock.
About Adobe (Get Rating)
Adobe Inc 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.
- Get a free copy of the StockNews.com research report on Adobe (ADBE)
- Vuzix Stock Stays Optimistic
- Palo Alto Networks: Pioneering AI in Cybersecurity
- Dividend Stocks and Your Roth IRA
- The Analysts Upgrade… Retail Stocks?
- The Q2 Earnings Season Could Be A Bloodbath
Want More Great Investing Ideas?
- Bear Market Game Plan!
- The 10 Best Stocks to Own in 2022
- 7 Stocks to Buy and Hold Forever
- 3 Stocks to DOUBLE This Year
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.