Adobe (NASDAQ:ADBE) Given New $450.00 Price Target at DA Davidson

Adobe (NASDAQ:ADBE) had its target price trimmed by DA Davidson from $600.00 to $450.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the software company’s stock.

Several other equities analysts have also issued reports on ADBE. Bank of America cut their target price on Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Evercore ISI decreased their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company lowered their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Redburn Atlantic assumed coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $518.46.

Adobe Stock Performance

ADBE stock opened at $350.91 on Monday. The business’s fifty day simple moving average is $411.27 and its two-hundred day simple moving average is $454.13. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $149.56 billion, a price-to-earnings ratio of 28.30, a PEG ratio of 2.15 and a beta of 1.49. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the company earned $4.48 EPS. Analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David A. Ricks acquired 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter worth $28,000. Decker Retirement Planning Inc. purchased a new position in shares of Adobe during the 4th quarter worth approximately $31,000. Summit Securities Group LLC purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Finally, Caitlin John LLC grew its holdings in Adobe by 171.4% during the fourth quarter. Caitlin John LLC now owns 76 shares of the software company’s stock worth $34,000 after acquiring an additional 48 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Company Profile

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.