Adobe (NASDAQ:ADBE) Given New $425.00 Price Target at Credit Suisse Group

Adobe (NASDAQ:ADBEGet 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.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings data on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, topping analysts’ consensus estimates of $2.77 by $0.07. The firm had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The business’s quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter last year, the firm earned $2.64 EPS. On average, equities research analysts anticipate that Adobe will post 11.09 earnings per share for the current fiscal year.

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.

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