Citigroup Raises Adobe (NASDAQ:ADBE) Price Target to $621.00

Adobe (NASDAQ:ADBE) had its price target lifted by Citigroup from $550.00 to $621.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. Citigroup’s price target would suggest a potential upside of 5.87% from the company’s current price.

A number of other analysts also recently weighed in on ADBE. KeyCorp increased their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday, August 23rd. Piper Sandler cut their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets increased their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Finally, Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $606.86.

Adobe Trading Up 1.1 %

ADBE opened at $586.55 on Wednesday. The company’s 50 day moving average price is $554.59 and its two-hundred day moving average price is $520.35. The firm has a market capitalization of $260.08 billion, a price-to-earnings ratio of 52.70, a PEG ratio of 2.94 and a beta of 1.29. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the business posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts predict that Adobe will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last three months, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Large investors have recently made changes to their positions in the business. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in Adobe in the second quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new position in Adobe in the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the second quarter valued at $39,000. 81.79% of the stock is owned by hedge funds and other 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.