Piper Sandler Lowers Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE) had its price target cut by analysts at Piper Sandler from $635.00 to $600.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the software company’s stock. Piper Sandler’s price objective points to a potential upside of 28.84% from the company’s previous close.

Several other equities research analysts have also weighed in on ADBE. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and set a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Thursday, December 5th. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Trading Down 1.9 %

Shares of ADBE stock opened at $465.69 on Thursday. The firm has a market capitalization of $205.00 billion, a P/E ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s fifty day simple moving average is $505.16 and its 200 day simple moving average is $522.95. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter last year, the company earned $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Adobe will post 16.73 EPS for the current year.

Insider Buying and Selling

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock worth $18,069,669 in the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after buying an additional 19 shares during the period. HTLF Bank raised its position in shares of Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its position in shares of Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares in the last quarter. Connable Office Inc. lifted its stake in shares of Adobe by 0.5% in the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock valued at $1,932,000 after purchasing an additional 20 shares during the period. Finally, 1ST Source Bank grew its stake in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.