Royal Bank of Canada Lowers Adobe (NASDAQ:ADBE) Price Target to $550.00

Adobe (NASDAQ:ADBE) had its price objective reduced by Royal Bank of Canada from $590.00 to $550.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 24.38% from the stock’s previous close.

ADBE has been the topic of a number of other research reports. Barclays reduced their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Stifel Nicolaus dropped their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. BMO Capital Markets decreased their price target on shares of Adobe from $570.00 to $515.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Finally, Bank of America dropped their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $567.81.

Adobe Price Performance

ADBE stock traded down $2.60 during midday trading on Friday, reaching $442.18. The company had a trading volume of 854,959 shares, compared to its average volume of 3,338,787. Adobe has a 1-year low of $403.75 and a 1-year high of $587.75. The stock has a 50 day moving average price of $439.51 and a 200-day moving average price of $488.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market capitalization of $192.48 billion, a price-to-earnings ratio of 35.69, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.52 EPS. Equities research analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insider Activity

In other news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Swedbank AB boosted its holdings in Adobe by 0.3% during the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after purchasing an additional 3,739 shares during the last quarter. Radnor Capital Management LLC purchased a new position in shares of Adobe in the 3rd quarter worth approximately $220,000. Concurrent Investment Advisors LLC grew its holdings in shares of Adobe by 10.0% in the third quarter. Concurrent Investment Advisors LLC now owns 4,153 shares of the software company’s stock valued at $2,150,000 after acquiring an additional 378 shares in the last quarter. D.B. Root & Company LLC purchased a new stake in shares of Adobe during the third quarter valued at approximately $237,000. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in Adobe by 1.2% during the third quarter. Kornitzer Capital Management Inc. KS now owns 9,739 shares of the software company’s stock worth $5,043,000 after acquiring an additional 111 shares during the period. 81.79% of the stock is owned by hedge funds and other 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.