Royal Bank of Canada Cuts Adobe (NASDAQ:ADBE) Price Target to $480.00

Adobe (NASDAQ:ADBE) had its target price reduced by Royal Bank of Canada from $530.00 to $480.00 in a report published on Monday morning, MarketBeat Ratings reports. Royal Bank of Canada currently has an outperform rating on the software company’s stock.

A number of other equities analysts have also commented on the company. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Robert W. Baird dropped their price target 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. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Mizuho decreased their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Finally, StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $513.27.

Adobe Stock Down 1.8 %

Shares of NASDAQ ADBE opened at $344.19 on Monday. The company has a 50 day simple moving average of $407.79 and a 200 day simple moving average of $452.66. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market cap of $146.69 billion, a PE ratio of 27.76, a price-to-earnings-growth ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last released its quarterly 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 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 last year, the firm earned $4.48 earnings per share. On average, research analysts forecast that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at $11,668,968.08. The trade was a 4.55 % increase 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, CAO Jillian Forusz sold 334 shares of the 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 sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors have recently modified their holdings of the business. Siemens Fonds Invest GmbH boosted its position in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter worth $28,000. Copia Wealth Management purchased a new position in shares of Adobe in the 4th quarter worth about $28,000. Decker Retirement Planning Inc. bought a new position in Adobe during the fourth quarter valued at about $31,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe during the fourth quarter worth about $31,000. 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.