Adobe (NASDAQ:ADBE) Price Target Cut to $520.00 by Analysts at Cowen

Adobe (NASDAQ:ADBEGet Rating) had its target price lowered by analysts at Cowen from $550.00 to $520.00 in a report issued on Friday, The Fly reports. Cowen’s price target suggests a potential upside of 42.43% from the company’s previous close.

Other analysts also recently issued reports about the company. Wolfe Research reduced their price objective on Adobe from $500.00 to $400.00 in a research report on Friday. Cowen reduced their price objective on Adobe from $600.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, June 9th. UBS Group reduced their price objective on Adobe from $450.00 to $415.00 in a research report on Friday. Evercore ISI began coverage on Adobe in a research report on Wednesday, March 23rd. They issued a “buy” rating and a $650.00 price objective on the stock. Finally, Bank of America reduced their price objective on Adobe from $560.00 to $450.00 in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $515.22.

Adobe stock opened at $365.08 on Friday. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $172.50 billion, a price-to-earnings ratio of 36.25, a price-to-earnings-growth ratio of 1.95 and a beta of 1.08. Adobe has a fifty-two week low of $360.90 and a fifty-two week high of $699.54. The stock’s fifty day moving average is $409.29 and its two-hundred day moving average is $475.76.

Adobe (NASDAQ:ADBEGet Rating) last posted its earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share for the quarter, beating the consensus estimate of $3.31 by $0.04. Adobe had a return on equity of 36.47% and a net margin of 29.90%. During the same period last year, the business earned $2.56 EPS. As a group, sell-side analysts forecast that Adobe will post 11.09 EPS for the current fiscal year.

In other news, Director John E. Warnock sold 5,000 shares of the 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 completion of the sale, the director now owns 405,165 shares in the company, valued at $163,808,209.50. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 2,750 shares of the stock in a transaction dated Friday, March 25th. The shares were sold at an average price of $435.44, for a total value of $1,197,460.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 11,538 shares of company stock valued at $4,793,387. Insiders own 0.23% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of ADBE. Norges Bank acquired a new stake in Adobe during the 4th quarter valued at approximately $2,378,829,000. Castleview Partners LLC acquired a new stake in Adobe during the 4th quarter valued at approximately $3,260,000. Flossbach Von Storch AG grew its stake in Adobe by 232.6% during 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 in the last quarter. Polen Capital Management LLC grew its stake in Adobe by 22.5% during 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 in the last quarter. Finally, BlackRock Inc. lifted its holdings in Adobe by 3.3% during the 4th quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock worth $21,279,818,000 after buying an additional 1,212,093 shares during the last quarter. Hedge funds and other institutional investors own 82.54% of the company’s stock.

Adobe Company Profile (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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