Adobe (NASDAQ:ADBE) Price Target Cut to $525.00 by Analysts at BMO Capital Markets

Adobe (NASDAQ:ADBEFree Report) had its price target lowered by BMO Capital Markets from $610.00 to $525.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

ADBE has been the topic of a number of other research reports. Evercore ISI restated an outperform rating and issued a $650.00 price target on shares of Adobe in a research note on Wednesday, March 27th. TD Cowen dropped their price target on Adobe from $650.00 to $640.00 and set an outperform rating on the stock in a research note on Friday, March 15th. TheStreet cut Adobe from a b- rating to a c+ rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. dropped their price target on Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a research note on Friday, March 15th. Finally, StockNews.com upgraded Adobe from a hold rating to a buy rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $615.03.

Read Our Latest Analysis on Adobe

Adobe Trading Up 0.5 %

NASDAQ ADBE opened at $458.13 on Thursday. The company has a market cap of $205.24 billion, a PE ratio of 43.80, a PEG ratio of 2.43 and a beta of 1.27. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a 12 month low of $417.74 and a 12 month high of $638.25. The stock has a 50 day moving average of $477.49 and a 200-day moving average of $547.24.

Adobe (NASDAQ:ADBEGet Free Report) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.38 by $0.10. The company had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.97 EPS. On average, equities research analysts anticipate that Adobe will post 14.55 EPS for the current fiscal year.

Adobe announced that its board has authorized a stock repurchase plan on Thursday, March 14th that allows the company to repurchase $25.00 billion in outstanding shares. This repurchase authorization allows the software company to purchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 over the last ninety days. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds have recently made changes to their positions in the company. Westwood Holdings Group Inc. boosted its stake in shares of Adobe by 117.6% during the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after purchasing an additional 3,967 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Adobe by 6.5% in the first quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock worth $392,559,000 after acquiring an additional 47,273 shares during the period. Tactive Advisors LLC acquired a new position in shares of Adobe in the first quarter worth approximately $1,366,000. Motiv8 Investments LLC lifted its stake in shares of Adobe by 23.7% in the first quarter. Motiv8 Investments LLC now owns 998 shares of the software company’s stock worth $504,000 after acquiring an additional 191 shares during the period. Finally, Soltis Investment Advisors LLC lifted its stake in shares of Adobe by 36.2% in the first quarter. Soltis Investment Advisors LLC now owns 836 shares of the software company’s stock worth $422,000 after acquiring an additional 222 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Company Profile

(Get Free Report)

Adobe Inc, together with its subsidiaries, 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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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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