Adobe (NASDAQ:ADBE) Price Target Lowered to $450.00 at BMO Capital Markets

Adobe (NASDAQ:ADBE - Free Report) had its target price trimmed by BMO Capital Markets from $495.00 to $450.00 in a research note issued to investors on Wednesday morning, Marketbeat reports. The brokerage currently has an outperform rating on the software company's stock.

Several other research analysts have also weighed in on ADBE. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Oppenheimer decreased their price objective on shares of Adobe from $560.00 to $530.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Stifel Nicolaus cut their target price on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research note on Thursday, March 13th. Royal Bank of Canada dropped their price objective on Adobe from $530.00 to $480.00 and set an "outperform" rating on the stock in a research note on Monday, April 14th. Finally, Jefferies Financial Group decreased their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Eleven investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $513.27.

Adobe Stock Down 1.8 %

Shares of ADBE stock traded down $6.36 on Wednesday, hitting $342.44. 1,638,362 shares of the stock were exchanged, compared to its average volume of 3,412,193. The firm has a market capitalization of $145.95 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The business has a 50-day moving average of $403.54 and a 200 day moving average of $449.67. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. Equities analysts anticipate that Adobe will post 16.65 EPS for the current year.

Insider Transactions at Adobe

In other news, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the transaction, the director now directly owns 4,984 shares of the company's stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. Corporate insiders own 0.16% of the company's stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB increased its holdings in Adobe by 2.0% in the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company's stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Arizona State Retirement System increased its stake in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Adobe by 1.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 99,150 shares of the software company's stock worth $44,090,000 after acquiring an additional 1,326 shares during the last quarter. M. Kraus & Co acquired a new position in shares of Adobe in the fourth quarter worth approximately $3,285,000. Finally, Silicon Valley Capital Partners boosted its holdings in Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock valued at $2,656,000 after acquiring an additional 236 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.