Adobe (NASDAQ:ADBE – Get Rating) had its price objective cut by Deutsche Bank Aktiengesellschaft from $575.00 to $500.00 in a report released on Friday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 36.96% from the stock’s previous close.
A number of other brokerages also recently weighed in on ADBE. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. The Goldman Sachs Group dropped their price target on shares of Adobe from $710.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, March 24th. Stifel Nicolaus dropped their price target on shares of Adobe from $700.00 to $600.00 and set a “buy” rating for the company in a research note on Wednesday, March 16th. BNP Paribas initiated coverage on shares of Adobe in a research note on Tuesday, March 29th. They set an “outperform” rating and a $570.00 price target for the company. Finally, Morgan Stanley dropped their price target on shares of Adobe from $652.00 to $591.00 and set an “overweight” rating for the company in a research note on Wednesday, March 23rd. Seven research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $521.33.
Shares of NASDAQ ADBE opened at $365.08 on Friday. Adobe has a 1-year low of $360.90 and a 1-year high of $699.54. The company has a market cap of $172.50 billion, a PE ratio of 36.25, a P/E/G ratio of 1.95 and a beta of 1.08. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26. The company has a 50-day moving average of $409.29 and a two-hundred day moving average of $475.76.
In other news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total value of $2,021,500.00. Following the completion of the transaction, the director now owns 405,165 shares in the company, valued at $163,808,209.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 463 shares of the 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. Insiders sold 11,538 shares of company stock valued at $4,793,387 in the last quarter. Corporate insiders own 0.23% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Welch & Forbes LLC boosted its holdings in Adobe by 4.1% during the fourth quarter. Welch & Forbes LLC now owns 82,260 shares of the software company’s stock worth $46,646,000 after purchasing an additional 3,210 shares during the last quarter. Peak Financial Management Inc. acquired a new position in Adobe during the fourth quarter worth $201,000. Benjamin Edwards Inc. acquired a new position in Adobe during the fourth quarter worth $35,000. Rather & Kittrell Inc. bought a new stake in Adobe during the fourth quarter worth $47,000. Finally, Ayrshire Capital Management LLC bought a new stake in Adobe during the fourth quarter worth $5,023,000. 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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