Adobe (NASDAQ:ADBE) Price Target Lowered to $500.00 at Piper Sandler

Adobe (NASDAQ:ADBE) had its price target decreased by Piper Sandler from $600.00 to $500.00 in a report released on Wednesday, MarketBeat reports. Piper Sandler currently has an overweight rating on the software company’s stock.

Several other equities research analysts have also weighed in on the company. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 target price (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Royal Bank of Canada cut their price objective on Adobe from $530.00 to $480.00 and set an “outperform” rating for the company in a report on Monday, April 14th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a report on Monday, March 10th. Eleven investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $502.88.

Adobe Stock Up 1.9 %

ADBE stock opened at $367.72 on Wednesday. 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 fifty day moving average price of $392.89 and a two-hundred day moving average price of $445.42. The firm has a market cap of $156.72 billion, a price-to-earnings ratio of 29.65, a PEG ratio of 2.15 and a beta of 1.49.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion for 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 quarter last year, the business earned $4.48 earnings per share. Research analysts predict that Adobe will post 16.65 EPS for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors have recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH grew its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe in the first quarter valued at $26,000. SWAN Capital LLC purchased a new stake in Adobe during the fourth quarter valued at about $28,000. Copia Wealth Management bought a new position in Adobe during the fourth quarter worth about $28,000. Finally, Decker Retirement Planning Inc. bought a new position in Adobe in the 4th quarter worth approximately $31,000. Institutional investors 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.