Adobe (NASDAQ:ADBE) Price Target Cut to $450.00 by Analysts at Citigroup

Adobe (NASDAQ:ADBE) had its target price cut by Citigroup from $465.00 to $450.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

Other analysts also recently issued reports about the stock. Royal Bank of Canada restated an “outperform” rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Stifel Nicolaus dropped their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Finally, Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday. Nine research 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $494.67.

Adobe Stock Performance

Adobe stock opened at $401.73 on Monday. The company’s 50-day moving average price is $388.00 and its 200-day moving average price is $419.64. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75. 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 company has a market cap of $171.22 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Sepio Capital LP grew its holdings in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank grew its holdings in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC grew its holdings in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC grew its holdings in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC grew its holdings in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.