Adobe (NASDAQ:ADBE) Price Target Lowered to $640.00 at Bank of America

Adobe (NASDAQ:ADBE) had its price target cut by stock analysts at Bank of America from $700.00 to $640.00 in a research report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the software company’s stock. Bank of America‘s price target would suggest a potential upside of 24.55% from the company’s current price.

A number of other brokerages have also weighed in on ADBE. Stifel Nicolaus upped their target price on shares of Adobe from $600.00 to $625.00 and gave the stock a “buy” rating in a research report on Thursday, December 14th. TD Cowen dropped their target price on shares of Adobe from $650.00 to $640.00 and set an “outperform” rating for the company in a research report on Friday. Barclays raised shares of Adobe from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $680.00 to $700.00 in a research note on Monday, December 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $615.00 price target on shares of Adobe in a research note on Thursday, December 14th. Finally, Piper Sandler increased their target price on shares of Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a research note on Tuesday, January 2nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $627.00.

Adobe Stock Performance

Shares of ADBE traded up $21.40 on Friday, reaching $513.86. The company’s stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.34 and a quick ratio of 1.34. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The stock has a market capitalization of $232.55 billion, a P/E ratio of 49.05, a PEG ratio of 3.03 and a beta of 1.29. The stock’s 50 day simple moving average is $584.71 and its two-hundred day simple moving average is $574.06.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 38.97%. The company’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.97 earnings per share. Research analysts forecast that Adobe will post 14.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction that occurred on Wednesday, January 24th. The stock was sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the transaction, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The disclosure for this sale can be found here. Insiders sold 44,162 shares of company stock worth $26,276,030 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of the business. Rockland Trust Co. grew its stake in Adobe by 4.1% in the 3rd quarter. Rockland Trust Co. now owns 1,106 shares of the software company’s stock valued at $564,000 after acquiring an additional 44 shares during the period. Team Hewins LLC acquired a new stake in Adobe during the 3rd quarter worth $4,141,000. Guinness Asset Management LTD boosted its stake in Adobe by 5.9% during the 3rd quarter. Guinness Asset Management LTD now owns 44,586 shares of the software company’s stock worth $22,734,000 after purchasing an additional 2,499 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its stake in Adobe by 23.9% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 8,992 shares of the software company’s stock worth $4,585,000 after purchasing an additional 1,732 shares during the last quarter. Finally, Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD boosted its stake in Adobe by 36.7% during the 3rd quarter. Kranot Hishtalmut Le Morim Tichoniim Havera Menahelet LTD now owns 6,969 shares of the software company’s stock worth $3,544,000 after purchasing an additional 1,871 shares during the last quarter. 80.00% 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.