Adobe Inc. (NASDAQ:ADBE) Receives $502.88 Average Price Target from Analysts

Adobe Inc. (NASDAQ:ADBE) has been given a consensus rating of “Moderate Buy” by the twenty-eight brokerages that are covering the firm, Marketbeat.com reports. Eleven research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $502.88.

ADBE has been the subject of a number of recent research reports. DA Davidson cut their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Robert W. Baird lowered their target price on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Evercore ISI cut their price target on Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Finally, Citigroup lowered their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research report on Monday, March 10th.

Insider Activity

In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was bought 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 directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Woodline Partners LP boosted its stake in shares of Adobe by 40.2% during the 1st quarter. Woodline Partners LP now owns 38,056 shares of the software company’s stock worth $14,596,000 after purchasing an additional 10,914 shares during the period. American Trust boosted its position in shares of Adobe by 20.4% during the first quarter. American Trust now owns 2,800 shares of the software company’s stock valued at $1,074,000 after buying an additional 475 shares during the period. McIlrath & Eck LLC grew its stake in shares of Adobe by 52.9% during the first quarter. McIlrath & Eck LLC now owns 286 shares of the software company’s stock valued at $110,000 after buying an additional 99 shares during the last quarter. Semmax Financial Advisors Inc. raised its holdings in shares of Adobe by 11.4% in the first quarter. Semmax Financial Advisors Inc. now owns 6,567 shares of the software company’s stock worth $2,517,000 after buying an additional 673 shares during the period. Finally, Empowered Funds LLC lifted its stake in shares of Adobe by 27.7% during the 1st quarter. Empowered Funds LLC now owns 19,655 shares of the software company’s stock worth $7,538,000 after acquiring an additional 4,264 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 3.1%

Adobe stock opened at $417.13 on Wednesday. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market cap of $177.78 billion, a P/E ratio of 33.64, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day simple moving average of $375.68 and a two-hundred day simple moving average of $433.63.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the previous year, the business posted $4.48 earnings per share. Analysts predict that Adobe will post 16.65 EPS for the current year.

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.