Oppenheimer Trims Adobe (NASDAQ:ADBE) Target Price to $580.00

Adobe (NASDAQ:ADBEFree Report) had its target price lowered by Oppenheimer from $660.00 to $580.00 in a report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the software company’s stock.

A number of other analysts have also weighed in on ADBE. UBS Group lowered their target price on Adobe from $600.00 to $540.00 and set a neutral rating for the company in a research note on Friday, March 15th. Evercore ISI restated an outperform rating and set a $650.00 target price on shares of Adobe in a report on Wednesday, March 27th. JPMorgan Chase & Co. reduced their target price on Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a report on Friday, March 15th. Piper Sandler restated an overweight rating and set a $700.00 target price on shares of Adobe in a report on Wednesday, March 27th. Finally, Robert W. Baird reduced their target price on Adobe from $590.00 to $525.00 and set a neutral rating on the stock in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and a consensus target price of $612.79.

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Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $465.43 on Thursday. Adobe has a twelve month low of $423.58 and a twelve month high of $638.25. The firm has a market cap of $208.51 billion, a PE ratio of 44.50, a price-to-earnings-growth ratio of 2.52 and a beta of 1.27. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The business has a fifty day moving average of $476.71 and a 200-day moving average of $545.25.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The company had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company posted $2.97 earnings per share. The firm’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, equities research analysts predict that Adobe will post 14.55 EPS for the current fiscal year.

Adobe declared that its board has authorized a stock buyback program on Thursday, March 14th that authorizes the company to buyback $25.00 billion in outstanding shares. This buyback authorization authorizes the software company to reacquire up to 10.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. Insiders have sold 3,006 shares of company stock valued at $1,424,432 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. Norges Bank bought a new position in shares of Adobe during the 4th quarter worth approximately $3,277,785,000. Wellington Management Group LLP boosted its stake in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. International Assets Investment Management LLC bought a new stake in Adobe in the 4th quarter valued at $875,592,000. Swedbank AB bought a new stake in Adobe in the 1st quarter valued at $621,179,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. 81.79% of the stock is currently owned by institutional investors.

About Adobe

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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.

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