Royal Bank of Canada Lowers Adobe (NASDAQ:ADBE) Price Target to $530.00

Adobe (NASDAQ:ADBE) had its price target lowered by Royal Bank of Canada from $550.00 to $530.00 in a research note issued to investors on Thursday morning,Benzinga reports. The firm currently has an outperform rating on the software company’s stock.

Several other brokerages have also issued reports on ADBE. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating on the stock. Morgan Stanley cut their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research note on Wednesday, January 15th. Finally, Jefferies Financial Group cut their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $540.60.

Adobe Price Performance

Shares of ADBE stock opened at $394.74 on Thursday. The stock’s fifty day moving average is $437.03 and its 200-day moving average is $482.06. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market capitalization of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a 52 week low of $374.50 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last issued 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. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Equities research analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB boosted its stake in shares of Adobe by 2.0% during the 4th quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock worth $765,094,000 after acquiring an additional 33,414 shares during the period. Arizona State Retirement System boosted its stake in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the period. Public Sector Pension Investment Board boosted its stake in shares of Adobe by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock worth $10,005,000 after acquiring an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. boosted its stake in shares of Adobe by 201.0% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock worth $60,779,000 after acquiring an additional 78,384 shares during the period. Finally, Morse Asset Management Inc boosted its stake in shares of Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after acquiring an additional 2,113 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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.