Adobe (NASDAQ:ADBE) Price Target Lowered to $511.00 at HSBC

Adobe (NASDAQ:ADBE) had its price target cut by HSBC from $557.00 to $511.00 in a research report report published on Friday morning, Benzinga reports. They currently have a hold rating on the software company’s stock.

ADBE has been the topic of several other research reports. Citigroup lifted their price objective on Adobe from $610.00 to $675.00 and gave the company a neutral rating in a report on Tuesday, December 12th. Evercore ISI cut their target price on Adobe from $700.00 to $650.00 and set an outperform rating on the stock in a research note on Friday. KGI Securities upgraded Adobe from a neutral rating to an outperform rating and set a $730.00 target price on the stock in a research note on Monday, December 4th. Piper Sandler Companies dropped their price objective on Adobe from $705.00 to $700.00 and set an overweight rating on the stock in a research note on Friday. Finally, Bank of America dropped their price objective on Adobe from $700.00 to $640.00 and set a buy rating on the stock in a research note on Friday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $627.00.

Adobe Trading Up 4.3 %

Shares of Adobe stock traded up $21.40 during trading on Friday, hitting $513.86. 7,048,998 shares of the company were exchanged, compared to its average volume of 3,535,195. Adobe has a 1-year low of $331.89 and a 1-year high of $638.25. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.34 and a quick ratio of 1.34. The firm has a market capitalization of $232.55 billion, a P/E ratio of 49.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The firm’s fifty day moving average price is $583.38 and its 200 day moving average price is $573.74.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the business posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% on a year-over-year basis. As a group, sell-side analysts expect that Adobe will post 14.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 84 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The stock was sold at an average price of $591.99, for a total transaction of $49,727.16. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,400,519.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 84 shares of the stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $591.99, for a total value of $49,727.16. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,400,519.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,162 shares of company stock worth $26,276,030. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

A number of hedge funds have recently modified their holdings of ADBE. Vanguard Group Inc. increased its position in shares of Adobe by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 40,266,172 shares of the software company’s stock worth $24,022,798,000 after purchasing an additional 603,302 shares in the last quarter. State Street Corp boosted its stake in shares of Adobe by 1.2% during the 2nd quarter. State Street Corp now owns 18,862,098 shares of the software company’s stock worth $9,223,377,000 after acquiring an additional 229,776 shares in the last quarter. Morgan Stanley boosted its stake in shares of Adobe by 2.7% during the 3rd quarter. Morgan Stanley now owns 10,371,262 shares of the software company’s stock worth $5,288,309,000 after acquiring an additional 277,484 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Adobe by 3.2% during the 2nd quarter. Geode Capital Management LLC now owns 9,762,185 shares of the software company’s stock worth $4,762,147,000 after acquiring an additional 301,062 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Adobe by 10.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,497,332 shares of the software company’s stock valued at $3,876,309,000 after buying an additional 590,533 shares in the last quarter. 80.00% of the stock is currently owned by institutional investors.

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.