Adobe (NASDAQ:ADBE) Price Target Lowered to $490.00 at Citigroup

Adobe (NASDAQ:ADBE) had its price objective cut by Citigroup from $551.00 to $490.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

ADBE has been the topic of several other reports. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Royal Bank of Canada dropped their price objective on Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a research report on Friday. Stifel Nicolaus decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. Finally, Oppenheimer reduced their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $563.96.

Adobe Price Performance

ADBE opened at $435.08 on Monday. The firm has a market cap of $189.44 billion, a PE ratio of 35.09, a P/E/G ratio of 2.15 and a beta of 1.37. The stock has a 50-day moving average price of $439.35 and a 200-day moving average price of $485.74. Adobe has a 1 year low of $403.75 and a 1 year high of $587.75. 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 (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company earned $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were 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 of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the stock. Siemens Fonds Invest GmbH increased its position in Adobe by 252.9% during 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 during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter worth about $26,000. Groupama Asset Managment grew its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter worth about $28,000. Finally, Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth about $28,000. Hedge funds and other 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.