Adobe (NASDAQ:ADBE) Price Target Cut to $450.00

Adobe (NASDAQ:ADBE – Get Rating) had its price target reduced by BMO Capital Markets from $535.00 to $450.00 in a report released on Tuesday, The Fly reports. BMO Capital Markets’ target price suggests a potential upside of 21.08% from the stock’s current price.

Other equities analysts have also issued reports about the company. JPMorgan Chase & Co. decreased their price objective on Adobe from $645.00 to $540.00 in a research report on Wednesday, March 23rd. Argus dropped their price objective on Adobe from $764.00 to $575.00 and set a “buy” rating on the stock in a research note on Monday, March 28th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a research note on Tuesday, May 17th. Oppenheimer decreased their price objective on Adobe from $660.00 to $560.00 and set an “outperform” rating on the stock in a report on Wednesday, March 23rd. Finally, Cowen lowered their price target on shares of Adobe from $600.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday, June 9th. Seven research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $560.04.

Adobe stock opened at $371.65 on Tuesday. The firm has a market capitalization of $175.60 billion, a P/E ratio of 36.91, a PEG ratio of 2.04 and a beta of 1.08. Adobe has a 1 year low of $370.27 and a 1 year high of $699.54. The business has a 50-day moving average of $414.14 and a 200-day moving average of $479.47. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last posted its earnings results on Tuesday, March 22nd. The software company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.77 by $0.07. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.24 billion. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The company’s revenue for the quarter was up 9.1% compared to the same quarter last year. During the same period in the previous year, the company earned $2.64 EPS. Research analysts anticipate that Adobe will post 11.09 EPS for the current fiscal year.

In other Adobe news, EVP Scott Belsky sold 2,750 shares of the business’s stock in a transaction on Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 463 shares of the business’s stock in a transaction on Thursday, March 24th. The shares were sold at an average price of $425.79, for a total transaction of $197,140.77. The disclosure for this sale can be found here. Insiders have sold a total of 11,538 shares of company stock worth $4,793,387 in the last quarter. 0.23% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew 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 worth $21,279,818,000 after acquiring an additional 1,212,093 shares in the last quarter. State Street Corp grew its stake in shares of Adobe by 3.4% in the 4th quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock worth $11,086,911,000 after acquiring an additional 643,656 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Adobe by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock worth $4,863,475,000 after acquiring an additional 211,062 shares in the last quarter. Morgan Stanley grew its stake in shares of Adobe by 4.0% in the 2nd quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock worth $4,115,275,000 after acquiring an additional 267,038 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in shares of Adobe by 4.7% in the 4th quarter. Fisher Asset Management LLC now owns 6,739,460 shares of the software company’s stock worth $3,821,679,000 after acquiring an additional 304,991 shares in the last quarter. Hedge funds and other 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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