Adobe (NASDAQ:ADBE) Given New $530.00 Price Target at Royal Bank of Canada

Adobe (NASDAQ:ADBE) had its price objective lowered by investment analysts at Royal Bank of Canada from $550.00 to $530.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 34.27% from the company’s current price.

Other analysts have also recently issued reports about the company. Robert W. Baird dropped their price target on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a research report on Thursday. Piper Sandler dropped their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company dropped their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. BMO Capital Markets dropped their target price on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $539.46.

Adobe Stock Up 4.5 %

Shares of ADBE opened at $394.74 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a one year low of $374.50 and a one year high of $587.75. The stock has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The stock has a 50 day moving average price of $437.03 and a 200 day moving average price of $482.65.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the previous year, the business earned $4.48 earnings per share. Equities research analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of the stock. Connable Office Inc. raised its position in 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 in the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares in the last quarter. Holistic Financial Partners raised its position in Adobe by 6.0% in the 3rd quarter. Holistic Financial Partners now owns 387 shares of the software company’s stock valued at $200,000 after purchasing an additional 22 shares in the last quarter. Sepio Capital LP raised its position in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Finally, Cadence Bank raised its position in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.