Citigroup Issues Positive Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective hoisted by equities researchers at Citigroup from $430.00 to $465.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the software company’s stock. Citigroup’s price objective would suggest a potential upside of 12.63% from the stock’s current price.

Several other research firms also recently commented on ADBE. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Stifel Nicolaus cut their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a report on Thursday, March 13th. DA Davidson cut their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Robert W. Baird cut their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $503.33.

Adobe Trading Down 0.8%

NASDAQ:ADBE opened at $412.84 on Tuesday. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50 day moving average price of $384.27 and a two-hundred day moving average price of $423.37. The company has a market cap of $175.95 billion, a P/E ratio of 33.29, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, analysts expect that Adobe will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now 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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Institutional investors have recently added to or reduced their stakes in the business. Brighton Jones LLC increased its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Adobe during the fourth quarter valued at approximately $76,712,000. Empowered Funds LLC grew its holdings in Adobe by 22.8% during the fourth quarter. Empowered Funds LLC now owns 15,391 shares of the software company’s stock worth $6,844,000 after buying an additional 2,853 shares in the last quarter. Savant Capital LLC grew its holdings in Adobe by 91.2% during the fourth quarter. Savant Capital LLC now owns 15,294 shares of the software company’s stock worth $6,801,000 after buying an additional 7,293 shares in the last quarter. Finally, Wingate Wealth Advisors Inc. bought a new stake in Adobe during the fourth quarter worth $113,000. 81.79% of the stock is 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.