TD Cowen Trims Adobe (NASDAQ:ADBE) Target Price to $625.00

Adobe (NASDAQ:ADBEFree Report) had its price objective reduced by TD Cowen from $640.00 to $625.00 in a research note released on Monday, Benzinga reports. They currently have a buy rating on the software company’s stock.

A number of other equities analysts also recently weighed in on ADBE. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $600.00 to $570.00 and set a neutral rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus cut their price target on Adobe from $625.00 to $600.00 and set a buy rating for the company in a research note on Friday, June 7th. Wells Fargo & Company lowered their price target on Adobe from $690.00 to $675.00 and set an overweight rating for the company in a research note on Friday, March 15th. UBS Group cut their price objective on shares of Adobe from $600.00 to $540.00 and set a neutral rating on the stock in a research report on Friday, March 15th. Finally, Royal Bank of Canada restated an outperform rating and set a $630.00 price target on shares of Adobe in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $600.97.

Read Our Latest Research Report on Adobe

Adobe Trading Down 0.2 %

Shares of NASDAQ ADBE opened at $458.74 on Monday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.14. Adobe has a one year low of $433.97 and a one year high of $638.25. The business has a 50-day moving average price of $473.83 and a two-hundred day moving average price of $541.85. The firm has a market capitalization of $205.52 billion, a PE ratio of 43.86, a PEG ratio of 2.49 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.08% and a return on equity of 39.12%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company posted $3.04 earnings per share. As a group, analysts predict that Adobe will post 14.55 earnings per share for the current fiscal year.

Adobe announced that its board has authorized a stock buyback plan on Thursday, March 14th that authorizes the company to repurchase $25.00 billion in shares. This repurchase authorization authorizes the software company to reacquire up to 10.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Anil Chakravarthy sold 100 shares of Adobe stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $471.00, for a total transaction of $47,100.00. Following the sale, the insider now owns 33,609 shares in the company, valued at $15,829,839. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock valued at $1,424,432 over the last three months. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Hedge funds have recently modified their holdings of the stock. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe in the fourth quarter valued at about $35,000. Steph & Co. grew its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Hanseatic Management Services Inc. acquired a new stake in shares of Adobe during the third quarter worth approximately $45,000. 81.79% of the stock is owned by institutional investors and hedge funds.

About Adobe

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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