Stifel Nicolaus Cuts Adobe (NASDAQ:ADBE) Price Target to $500.00

Adobe (NASDAQ:ADBEGet Rating) had its price objective dropped by research analysts at Stifel Nicolaus from $600.00 to $500.00 in a report issued on Friday, The Fly reports. Stifel Nicolaus’ price target points to a potential upside of 36.96% from the stock’s current price.

A number of other research analysts have also weighed in on ADBE. The Goldman Sachs Group cut their price target on shares of Adobe from $710.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, March 24th. BMO Capital Markets dropped their target price on Adobe from $535.00 to $450.00 in a report on Tuesday. JPMorgan Chase & Co. decreased their price target on Adobe from $645.00 to $540.00 in a research note on Wednesday, March 23rd. Cowen dropped their price objective on Adobe from $600.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday, June 9th. Finally, Piper Sandler decreased their target price on shares of Adobe from $545.00 to $430.00 and set an “overweight” rating for the company in a research note on Friday. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $515.22.

Adobe stock opened at $365.08 on Friday. The firm 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. The company’s 50 day simple moving average is $409.29 and its 200 day simple moving average is $475.76. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. Adobe has a fifty-two week low of $360.90 and a fifty-two week high of $699.54.

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, topping the consensus estimate of $3.31 by $0.04. Adobe had a net margin of 29.90% and a return on equity of 36.47%. During the same period last year, the firm earned $2.56 EPS. As a group, analysts predict that Adobe will post 11.09 EPS for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction 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 transaction, the director now directly owns 405,165 shares of the company’s stock, valued at approximately $163,808,209.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 2,710 shares of the stock in a transaction on Monday, April 25th. The stock was sold at an average price of $410.18, for a total value of $1,111,587.80. Following the sale, the executive vice president now directly owns 27,917 shares in the company, valued at $11,450,995.06. The disclosure for this sale can be found here. Insiders sold a total of 11,538 shares of company stock valued at $4,793,387 in the last three months. Insiders own 0.23% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Garde Capital Inc. lifted its holdings in shares of Adobe by 2.7% in the third quarter. Garde Capital Inc. now owns 675 shares of the software company’s stock worth $389,000 after acquiring an additional 18 shares during the last quarter. Bath Savings Trust Co lifted its stake in Adobe by 0.6% in the 4th quarter. Bath Savings Trust Co now owns 3,102 shares of the software company’s stock valued at $1,759,000 after purchasing an additional 20 shares during the last quarter. Eastover Investment Advisors LLC boosted its position in Adobe by 0.8% in the fourth quarter. Eastover Investment Advisors LLC now owns 2,657 shares of the software company’s stock valued at $1,507,000 after buying an additional 20 shares in the last quarter. Pinnacle Bancorp Inc. grew its stake in shares of Adobe by 1.5% during the fourth quarter. Pinnacle Bancorp Inc. now owns 1,322 shares of the software company’s stock worth $750,000 after buying an additional 20 shares during the last quarter. Finally, Howland Capital Management LLC increased its holdings in shares of Adobe by 2.2% during the fourth quarter. Howland Capital Management LLC now owns 940 shares of the software company’s stock worth $533,000 after buying an additional 20 shares in the last quarter. 82.54% of the stock is currently 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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