Adobe (NASDAQ:ADBE) Given New $500.00 Price Target at Jefferies Financial Group

Adobe (NASDAQ:ADBEGet Rating) had its price target cut by Jefferies Financial Group from $550.00 to $500.00 in a research report report published on Friday morning, The Fly reports.

Other equities research analysts also recently issued research reports about the stock. Royal Bank of Canada lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an outperform rating for the company in a research report on Tuesday. Barclays decreased their target price on shares of Adobe from $540.00 to $530.00 in a research report on Wednesday, March 23rd. Stifel Nicolaus decreased their target price on shares of Adobe from $700.00 to $600.00 and set a buy rating for the company in a research report on Wednesday, March 16th. Oppenheimer decreased their target price on shares of Adobe from $660.00 to $560.00 and set an outperform rating for the company in a research report on Wednesday, March 23rd. Finally, BMO Capital Markets reduced their price target on shares of Adobe from $535.00 to $450.00 in a research note on Tuesday. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $521.33.

ADBE opened at $365.08 on Friday. The company has a 50-day moving average of $409.29 and a 200-day moving average of $475.76. The company has a market capitalization of $172.50 billion, a P/E 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 company has a debt-to-equity ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.04.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings data on Tuesday, March 22nd. The software company reported $2.84 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.07. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the firm earned $2.64 EPS. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe will post 11.09 earnings per share for the current fiscal year.

In related news, EVP Scott Belsky sold 2,750 shares of the company’s stock in a transaction on Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 463 shares of the company’s stock in a transaction on Thursday, March 24th. The stock was sold at an average price of $425.79, for a total transaction of $197,140.77. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,538 shares of company stock worth $4,793,387. 0.23% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ADBE. Norges Bank bought a new stake in shares of Adobe during the 4th quarter worth $2,378,829,000. Castleview Partners LLC bought a new stake in Adobe in the 4th quarter valued at $3,260,000. Flossbach Von Storch AG boosted its holdings in Adobe by 232.6% in the 1st quarter. Flossbach Von Storch AG now owns 1,800,423 shares of the software company’s stock valued at $820,309,000 after purchasing an additional 1,259,101 shares during the period. Polen Capital Management LLC boosted its holdings in Adobe by 22.5% in the 1st quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock valued at $3,035,586,000 after purchasing an additional 1,222,654 shares during the period. Finally, BlackRock Inc. boosted its holdings in Adobe by 3.3% in the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after purchasing an additional 1,212,093 shares during the period. 82.54% of the stock is owned by institutional investors and hedge funds.

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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