Adobe (NASDAQ:ADBE) PT Lowered to $635.00 at Piper Sandler

Adobe (NASDAQ:ADBE) had its price objective reduced by Piper Sandler from $700.00 to $635.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Piper Sandler’s price objective suggests a potential upside of 13.87% from the company’s previous close.

Other equities analysts have also issued reports about the company. Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. TheStreet lowered Adobe from a “b-” rating to a “c+” rating in a report on Tuesday, March 19th. Mizuho reissued a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. HSBC decreased their price objective on Adobe from $557.00 to $511.00 and set a “hold” rating for the company in a report on Friday, March 15th. Finally, Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $603.33.

Adobe Trading Down 1.2 %

Shares of ADBE opened at $557.63 on Friday. The stock’s 50-day moving average is $502.24 and its two-hundred day moving average is $533.39. The stock has a market cap of $247.25 billion, a PE ratio of 50.10, a P/E/G ratio of 3.00 and a beta of 1.30. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 earnings per share. The company’s revenue was up 10.2% compared to the same quarter last year. Equities analysts forecast that Adobe will post 14.69 earnings per share for the current fiscal year.

Adobe declared that its Board of Directors has initiated a stock repurchase plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to buy up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares in the company, valued at approximately $1,940,160. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the completion of the transaction, the insider now directly owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders sold 28,270 shares of company stock valued at $15,165,916 in the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ADBE. Raleigh Capital Management Inc. boosted its position in shares of Adobe by 3.1% during the 3rd quarter. Raleigh Capital Management Inc. now owns 559 shares of the software company’s stock worth $285,000 after acquiring an additional 17 shares in the last quarter. Lantz Financial LLC boosted its position in shares of Adobe by 2.5% during the 4th quarter. Lantz Financial LLC now owns 689 shares of the software company’s stock worth $411,000 after acquiring an additional 17 shares in the last quarter. B & T Capital Management DBA Alpha Capital Management boosted its position in shares of Adobe by 4.3% during the 4th quarter. B & T Capital Management DBA Alpha Capital Management now owns 417 shares of the software company’s stock worth $249,000 after acquiring an additional 17 shares in the last quarter. Evolution Advisers Inc. boosted its position in shares of Adobe by 14.3% during the 4th quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares in the last quarter. Finally, Sound View Wealth Advisors Group LLC boosted its position in shares of Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after acquiring an additional 17 shares in the last quarter. 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.