Wolfe Research Cuts Adobe (NASDAQ:ADBE) Price Target to $420.00

Adobe (NASDAQ:ADBE – Get Rating) had its target price decreased by Wolfe Research from $440.00 to $420.00 in a report published on Thursday morning, The Fly reports.

Other equities research analysts also recently issued research reports about the company. Citigroup raised their price target on Adobe from $337.00 to $355.00 and gave the stock a neutral rating in a report on Monday, December 19th. UBS Group raised their price target on Adobe from $350.00 to $400.00 and gave the stock a neutral rating in a report on Wednesday, February 15th. JPMorgan Chase & Co. raised their price target on Adobe from $365.00 to $380.00 and gave the stock a neutral rating in a report on Thursday. Morgan Stanley lifted their target price on Adobe from $337.00 to $382.00 and gave the stock an equal weight rating in a report on Friday, December 16th. Finally, Wells Fargo & Company lifted their target price on Adobe from $310.00 to $340.00 in a report on Wednesday, December 14th. Sixteen research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $415.70.

Adobe Stock Performance

Shares of Adobe stock opened at $358.14 on Thursday. Adobe has a 12 month low of $274.73 and a 12 month high of $473.49. The stock’s fifty day moving average price is $353.24 and its 200-day moving average price is $333.90. The firm has a market cap of $164.24 billion, a P/E ratio of 35.28, a P/E/G ratio of 2.08 and a beta of 1.27. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Wednesday, March 15th. The software company reported $3.80 earnings per share for the quarter, beating analysts’ consensus estimates of $3.68 by $0.12. Adobe had a return on equity of 36.58% and a net margin of 26.32%. The company had revenue of $4.66 billion for the quarter, compared to the consensus estimate of $4.62 billion. During the same quarter last year, the company earned $2.84 earnings per share. The firm’s revenue for the quarter was up 9.2% compared to the same quarter last year. On average, equities research analysts expect that Adobe will post 12.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, EVP Dana Rao sold 5,018 shares of the business’s stock in a transaction on Tuesday, December 20th. The stock was sold at an average price of $336.93, for a total transaction of $1,690,714.74. Following the transaction, the executive vice president now owns 14,832 shares of the company’s stock, valued at $4,997,345.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,906 shares of the business’s stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $1,032,850.52. Following the transaction, the executive vice president now directly owns 26,475 shares in the company, valued at approximately $9,409,744.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 26,265 shares of company stock valued at $9,067,344. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Adobe

Large investors have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Adobe by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 39,170,306 shares of the software company’s stock valued at $10,779,668,000 after buying an additional 146,288 shares during the period. State Street Corp raised its holdings in shares of Adobe by 0.4% in the 3rd quarter. State Street Corp now owns 18,620,262 shares of the software company’s stock valued at $5,124,296,000 after buying an additional 71,250 shares during the period. Morgan Stanley raised its holdings in shares of Adobe by 17.7% in the 4th quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the period. Geode Capital Management LLC raised its holdings in shares of Adobe by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock valued at $3,194,412,000 after buying an additional 123,726 shares during the period. Finally, Polen Capital Management LLC raised its holdings in shares of Adobe by 1.1% in the 3rd quarter. Polen Capital Management LLC now owns 6,930,964 shares of the software company’s stock valued at $1,907,401,000 after buying an additional 76,097 shares during the period. Institutional investors and hedge funds own 79.36% of the company’s stock.

Adobe Company Profile

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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.