Citigroup Lowers Adobe (NASDAQ:ADBE) Price Target to $322.00

Adobe (NASDAQ:ADBE) had its price target cut by Citigroup from $335.00 to $322.00 in a research note published on Wednesday, BenzingaRatingsTable reports. They currently have a buy rating on the software company’s stock.

Other equities research analysts have also recently issued reports about the stock. Nomura lowered their price objective on shares of Adobe from $315.00 to $310.00 and set a buy rating for the company in a research report on Wednesday. Wedbush reissued a hold rating and issued a $290.00 price objective on shares of Adobe in a research report on Wednesday. ValuEngine cut shares of Adobe from a buy rating to a hold rating in a research report on Thursday, September 5th. BMO Capital Markets reissued an outperform rating and issued a $310.00 price objective (down from $315.00) on shares of Adobe in a research report on Wednesday. Finally, Canaccord Genuity boosted their price objective on shares of Adobe from $300.00 to $320.00 and gave the company a buy rating in a research report on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $302.65.

Adobe stock opened at $277.91 on Wednesday. The stock has a market cap of $136.53 billion, a price-to-earnings ratio of 46.11, a price-to-earnings-growth ratio of 2.75 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.70. Adobe has a 1 year low of $204.95 and a 1 year high of $313.11. The firm has a 50-day moving average of $285.63 and a two-hundred day moving average of $281.81.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.97 by $0.08. The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The firm’s quarterly revenue was up 23.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 EPS. Research analysts expect that Adobe will post 6.38 earnings per share for the current year.

In other news, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total value of $921,390.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The disclosure for this sale can be found here. Insiders sold a total of 25,627 shares of company stock valued at $7,471,484 in the last ninety days. Corporate insiders own 0.32% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC lifted its position in Adobe by 17,012.2% during the second quarter. Nuveen Asset Management LLC now owns 3,916,308 shares of the software company’s stock valued at $1,153,941,000 after acquiring an additional 3,893,422 shares during the last quarter. Invesco Ltd. lifted its position in Adobe by 37.5% during the second quarter. Invesco Ltd. now owns 7,973,766 shares of the software company’s stock valued at $2,349,470,000 after acquiring an additional 2,174,047 shares during the last quarter. BlackRock Inc. lifted its position in Adobe by 2.7% during the second quarter. BlackRock Inc. now owns 33,730,576 shares of the software company’s stock valued at $9,938,712,000 after acquiring an additional 887,115 shares during the last quarter. Morgan Stanley lifted its position in Adobe by 13.2% during the second quarter. Morgan Stanley now owns 6,950,101 shares of the software company’s stock valued at $2,047,848,000 after acquiring an additional 812,144 shares during the last quarter. Finally, Investec Asset Management LTD lifted its position in Adobe by 77,287.5% during the second quarter. Investec Asset Management LTD now owns 648,507 shares of the software company’s stock valued at $247,000 after acquiring an additional 647,669 shares during the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

See Also: Net Margin

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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