Adobe (NASDAQ:ADBE) Price Target Lowered to $590.00 at Royal Bank of Canada

Adobe (NASDAQ:ADBE) had its price target decreased by Royal Bank of Canada from $610.00 to $590.00 in a report published on Thursday,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software company’s stock.

ADBE has been the topic of several other research reports. Oppenheimer dropped their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a report on Thursday. TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a report on Thursday. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group dropped their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Stock Down 13.7 %

ADBE opened at $474.63 on Thursday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s 50 day moving average price is $506.57 and its 200 day moving average price is $523.36. The stock has a market cap of $208.93 billion, a P/E ratio of 38.28, a P/E/G ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $3.52 earnings per share. As a group, research analysts predict that Adobe will post 14.82 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock valued at $18,069,669 over the last 90 days. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Public Sector Pension Investment Board boosted its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the period. GAMMA Investing LLC raised its holdings in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Adobe by 201.0% during the third quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the period. Morse Asset Management Inc lifted its holdings in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after purchasing an additional 2,113 shares during the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in Adobe by 13.8% in the 3rd quarter. Hantz Financial Services Inc. now owns 78,682 shares of the software company’s stock valued at $40,740,000 after buying an additional 9,519 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

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.