Adobe (NASDAQ:ADBE) Price Target Cut to $530.00 by Analysts at Mizuho

Adobe (NASDAQ:ADBE) had its price target trimmed by Mizuho from $575.00 to $530.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

Other research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. decreased their price objective on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Redburn Atlantic initiated coverage on shares of Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, Royal Bank of Canada restated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Trading Down 5.3%

Shares of Adobe stock opened at $391.68 on Friday. The firm has a 50-day simple moving average of $386.76 and a two-hundred day simple moving average of $420.43. The company has a market cap of $166.93 billion, a P/E ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction 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 $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently modified their holdings of the company. 1248 Management LLC acquired a new stake in shares of Adobe in the 1st quarter valued at $33,000. First Long Island Investors LLC raised its holdings in shares of Adobe by 2.8% in the 1st quarter. First Long Island Investors LLC now owns 48,834 shares of the software company’s stock valued at $18,729,000 after purchasing an additional 1,347 shares in the last quarter. Nicola Wealth Management LTD. raised its holdings in shares of Adobe by 7.5% in the 1st quarter. Nicola Wealth Management LTD. now owns 44,200 shares of the software company’s stock valued at $16,952,000 after purchasing an additional 3,100 shares in the last quarter. CBIZ Investment Advisory Services LLC raised its holdings in shares of Adobe by 8.6% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 578 shares of the software company’s stock valued at $222,000 after purchasing an additional 46 shares in the last quarter. Finally, Modern Wealth Management LLC raised its holdings in shares of Adobe by 62.6% in the 1st quarter. Modern Wealth Management LLC now owns 9,518 shares of the software company’s stock valued at $3,651,000 after purchasing an additional 3,666 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.