Adobe (NASDAQ:ADBE) Price Target Cut to $480.00 by Analysts at Royal Bank of Canada

Adobe (NASDAQ:ADBE) had its price target decreased by Royal Bank of Canada from $530.00 to $480.00 in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage presently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 36.99% from the stock’s current price.

Several other research firms also recently commented on ADBE. Stifel Nicolaus decreased their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. BMO Capital Markets dropped their price target on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. Robert W. Baird decreased their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $518.46.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $350.38 on Monday. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market capitalization of $149.33 billion, a price-to-earnings ratio of 28.26, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $409.57 and a 200 day moving average of $453.41.

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

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several large investors have recently added to or reduced their stakes in ADBE. M&T Bank Corp raised its holdings in shares of Adobe by 3.9% in the third quarter. M&T Bank Corp now owns 156,198 shares of the software company’s stock valued at $80,876,000 after acquiring an additional 5,905 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Adobe in the 3rd quarter valued at about $4,167,000. Morse Asset Management Inc lifted its position in shares of Adobe by 32.6% in the 3rd quarter. Morse Asset Management Inc now owns 8,494 shares of the software company’s stock worth $4,398,000 after purchasing an additional 2,088 shares during the period. Te Ahumairangi Investment Management Ltd boosted its stake in shares of Adobe by 12.9% during the third quarter. Te Ahumairangi Investment Management Ltd now owns 4,455 shares of the software company’s stock valued at $2,294,000 after purchasing an additional 510 shares in the last quarter. Finally, Anchor Investment Management LLC increased its holdings in Adobe by 1.6% during the third quarter. Anchor Investment Management LLC now owns 16,261 shares of the software company’s stock valued at $8,420,000 after buying an additional 255 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.