Royal Bank of Canada Lowers Adobe (NASDAQ:ADBE) Price Target to $590.00

Adobe (NASDAQ:ADBE) had its target price lowered by investment analysts at Royal Bank of Canada from $610.00 to $590.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the software company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 26.69% from the stock’s current price.

A number of other equities analysts also recently commented on the company. Oppenheimer reduced their price objective on Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research report on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday. Piper Sandler dropped their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday. Mizuho reduced their target price on shares of Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Jefferies Financial Group dropped their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Price Performance

Adobe stock opened at $465.69 on Thursday. The stock has a market capitalization of $205.00 billion, a P/E ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29. The company’s fifty day moving average price is $505.16 and its 200 day moving average price is $522.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the firm earned $3.52 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe will post 16.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. The trade was a 7.51 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,793 shares of company stock worth $18,069,669. 0.15% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Hedge funds have recently modified their holdings of the company. Coronation Fund Managers Ltd. grew its stake in Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after acquiring an additional 2,521 shares during the period. Pure Financial Advisors LLC boosted its holdings in shares of Adobe by 17.7% during the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after purchasing an additional 161 shares during the last quarter. Rovin Capital UT ADV purchased a new stake in shares of Adobe in the second quarter valued at $404,000. Brookstone Capital Management increased its stake in Adobe by 8.1% in the second quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after purchasing an additional 599 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC lifted its position in Adobe by 5.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock worth $23,185,000 after buying an additional 2,111 shares during the period. 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.