Adobe (NASDAQ:ADBE) Price Target Cut to $530.00 by Analysts at Royal Bank of Canada

Adobe (NASDAQ:ADBE) had its price target reduced by Royal Bank of Canada from $550.00 to $530.00 in a report published on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software company’s stock.

Several other analysts have also commented on ADBE. Jefferies Financial Group dropped their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Citigroup lowered their price target on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and lowered their price target for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. UBS Group lowered their price target on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.46.

Adobe Stock Down 13.9 %

Shares of ADBE stock opened at $377.84 on Thursday. The stock has a 50 day moving average of $437.74 and a 200 day moving average of $483.80. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $164.51 billion, a P/E ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a twelve month low of $374.50 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the period. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment raised its holdings in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. SWAN Capital LLC purchased a new stake in shares of Adobe in the 4th quarter valued at $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

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.