Oppenheimer Cuts Adobe (NASDAQ:ADBE) Price Target to $530.00

Adobe (NASDAQ:ADBE) had its price target dropped by investment analysts at Oppenheimer from $560.00 to $530.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Oppenheimer’s price objective would indicate a potential upside of 20.84% from the stock’s current price.

A number of other research analysts have also weighed in on ADBE. Wells Fargo & Company dropped their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. BMO Capital Markets set a $515.00 price target on shares of Adobe and gave the company an “outperform” rating in a research report on Friday, March 7th. Piper Sandler lowered their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Bank of America dropped their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $558.96.

Adobe Trading Up 1.1 %

ADBE opened at $438.60 on Thursday. Adobe has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The firm has a market capitalization of $190.97 billion, a PE ratio of 35.37, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company’s 50-day moving average is $439.01 and its 200 day moving average is $484.54.

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

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value 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 $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently added to or reduced their stakes in the business. Siemens Fonds Invest GmbH grew its position in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter valued at $26,000. Groupama Asset Managment boosted its position in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after buying an additional 11,522 shares during the period. SWAN Capital LLC bought a new stake in Adobe in the 4th quarter worth $28,000. Finally, Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter valued at about $28,000. 81.79% of the stock is owned by 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.