Adobe (NASDAQ:ADBE) Given New $525.00 Price Target at Stifel Nicolaus

Adobe (NASDAQ:ADBE) had its price target reduced by research analysts at Stifel Nicolaus from $600.00 to $525.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the software company’s stock. Stifel Nicolaus’ target price points to a potential upside of 37.38% from the stock’s current price.

Other analysts have also issued reports about the stock. Oppenheimer decreased their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday. Citigroup dropped their target price on Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a report on Monday. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating on the stock in a research note on Thursday. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $541.77.

Adobe Stock Performance

ADBE stock traded down $56.44 during trading on Thursday, reaching $382.16. 6,465,005 shares of the stock were exchanged, compared to its average volume of 3,492,553. Adobe has a twelve month low of $384.01 and a twelve month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $166.39 billion, a P/E ratio of 30.78, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock has a 50 day simple moving average of $439.01 and a 200-day simple moving average of $484.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB grew its holdings in Adobe by 2.0% during the fourth quarter. Nordea Investment Management AB now owns 1,712,616 shares of the software company’s stock valued at $765,094,000 after purchasing an additional 33,414 shares during the period. Arizona State Retirement System boosted its position in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Adobe by 12.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 19,322 shares of the software company’s stock valued at $10,005,000 after buying an additional 2,100 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of Adobe by 201.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 117,383 shares of the software company’s stock valued at $60,779,000 after buying an additional 78,384 shares in the last quarter. Finally, Morse Asset Management Inc raised its stake in Adobe by 33.0% during the 3rd quarter. Morse Asset Management Inc now owns 8,519 shares of the software company’s stock worth $4,411,000 after buying an additional 2,113 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

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.