Piper Sandler Lowers Adobe (NASDAQ:ADBE) Price Target to $500.00

Adobe (NASDAQ:ADBE) had its price target cut by equities researchers at Piper Sandler from $600.00 to $500.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Piper Sandler’s target price points to a potential upside of 38.54% from the company’s current price.

Several other analysts also recently weighed in on ADBE. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Oppenheimer cut their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, UBS Group decreased their target price on shares of Adobe from $410.00 to $380.00 and set a “neutral” rating for the company in a research report on Friday, April 11th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $502.88.

Adobe Stock Performance

Shares of ADBE opened at $360.91 on Wednesday. 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 firm has a market cap of $153.82 billion, a PE ratio of 29.11, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a fifty day moving average price of $394.82 and a 200-day moving average price of $446.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the business posted $4.48 EPS. Equities research analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Northern Trust Corp lifted its stake in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock valued at $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC grew its position in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. Institutional investors and hedge funds 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.