Adobe Inc. (NASDAQ:ADBE) Receives $538.80 Consensus Target Price from Analysts

Shares of Adobe Inc. (NASDAQ:ADBE) have received a consensus recommendation of “Moderate Buy” from the twenty-eight research firms that are covering the stock, Marketbeat reports. Eleven equities research analysts have rated the stock with a hold recommendation, sixteen have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $533.85.

ADBE has been the subject of several analyst reports. BMO Capital Markets decreased their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Jefferies Financial Group reduced their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Citigroup reduced their price objective on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research report on Monday, March 10th. Finally, Robert W. Baird lowered their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a report on Wednesday, March 19th.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors and hedge funds have recently modified their holdings of the company. Nordea Investment Management AB lifted its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after purchasing an additional 33,414 shares during the period. Arizona State Retirement System boosted its stake in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after acquiring an additional 78,384 shares during the last quarter. Finally, Morse Asset Management Inc increased its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock valued at $4,411,000 after acquiring an additional 2,113 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 2.6 %

Shares of Adobe stock opened at $385.71 on Tuesday. The company’s fifty day moving average is $431.81 and its two-hundred day moving average is $469.69. Adobe has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $164.39 billion, a P/E ratio of 31.11, a PEG ratio of 2.15 and a beta of 1.37.

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 the consensus estimate of $4.97 by $0.11. The firm had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the previous year, the firm posted $4.48 EPS. Analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Adobe Company Profile

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.