Adobe (NASDAQ:ADBE) PT Lowered to $520.00 at Cowen

Adobe (NASDAQ:ADBEGet Rating) had its target price cut by analysts at Cowen from $550.00 to $520.00 in a report issued on Friday, Stock Target Advisor reports. The brokerage currently has an “outperform” rating on the software company’s stock. Cowen’s target price would indicate a potential upside of 42.43% from the stock’s previous close.

ADBE has been the topic of a number of other research reports. Royal Bank of Canada dropped their price objective on Adobe from $600.00 to $500.00 and set an “outperform” rating on the stock in a report on Tuesday. Evercore ISI initiated coverage on Adobe in a report on Wednesday, March 23rd. They set a “buy” rating and a $650.00 price objective on the stock. Oppenheimer lowered their price target on Adobe from $560.00 to $400.00 and set an “outperform” rating on the stock in a report on Friday. Cowen lowered their price target on Adobe from $550.00 to $520.00 in a report on Friday. Finally, Credit Suisse Group lowered their price target on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a report on Friday. Seven research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Buy” and a consensus price target of $508.56.

Shares of NASDAQ ADBE opened at $365.08 on Friday. Adobe has a one year low of $360.90 and a one year high of $699.54. 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 business’s fifty day moving average price is $409.29 and its 200-day moving average price is $475.76. The stock has a market capitalization of $172.50 billion, a PE ratio of 36.25, a P/E/G ratio of 1.95 and a beta of 1.08.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 EPS for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the firm posted $2.56 EPS. As a group, equities analysts expect that Adobe will post 11.09 EPS for the current fiscal year.

In other Adobe news, CAO Mark S. Garfield sold 463 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John E. Warnock sold 5,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 11,538 shares of company stock worth $4,793,387. 0.23% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. lifted its stake in shares of 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. State Street Corp raised its stake in Adobe by 3.4% during the fourth 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 last quarter. Geode Capital Management LLC raised its stake in Adobe by 2.5% during the fourth 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 last quarter. Morgan Stanley raised its stake in Adobe by 4.0% during the second 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 last quarter. Finally, Fisher Asset Management LLC raised its stake in Adobe by 4.7% during the fourth 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 last quarter. Institutional investors 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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