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

Adobe (NASDAQ:ADBE) had its price objective decreased by Citigroup from $335.00 to $322.00 in a report issued on Wednesday, BenzingaRatingsTable reports. Citigroup currently has a buy rating on the software company’s stock.

Several other research analysts have also weighed in on ADBE. Bank of America lifted their target price on Adobe from $312.00 to $323.00 and gave the stock a buy rating in a report on Wednesday, June 19th. Royal Bank of Canada initiated coverage on Adobe in a report on Friday, September 13th. They set a buy rating and a $320.00 target price on the stock. Wells Fargo & Co reiterated a hold rating and set a $275.00 target price (up from $250.00) on shares of Adobe in a report on Wednesday, June 19th. ValuEngine lowered Adobe from a buy rating to a hold rating in a report on Thursday, September 5th. Finally, KeyCorp reiterated a hold rating on shares of Adobe in a report on Wednesday, June 19th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $302.65.

ADBE stock opened at $277.91 on Wednesday. The business’s 50-day moving average price is $285.63 and its two-hundred day moving average price is $281.81. The company has a current ratio of 0.74, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The firm has a market cap of $135.79 billion, a PE ratio of 45.86, a P/E/G ratio of 2.54 and a beta of 1.11. Adobe has a 1-year low of $204.95 and a 1-year high of $313.11.

Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 17th. The software company reported $2.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.82 billion. Adobe had a return on equity of 30.49% and a net margin of 26.10%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 earnings per share. On average, analysts forecast that Adobe will post 6.3 earnings per share for the current year.

In other Adobe news, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total value of $921,390.00. The disclosure for this sale can be found here. Insiders sold a total of 25,627 shares of company stock worth $7,471,484 in the last three months. Company insiders own 0.32% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in shares of Adobe by 1.3% in the second quarter. Vanguard Group Inc. now owns 38,052,601 shares of the software company’s stock valued at $11,212,199,000 after acquiring an additional 504,241 shares during the last quarter. BlackRock Inc. increased its position in shares of Adobe by 2.7% in 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. Janus Henderson Group PLC increased its position in shares of Adobe by 0.8% in the second quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock valued at $2,362,476,000 after acquiring an additional 60,035 shares during the last quarter. Invesco Ltd. increased its position in shares of Adobe by 37.5% in 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. Finally, Morgan Stanley increased its position in shares of Adobe by 13.2% in 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. 86.03% of the stock is currently owned by institutional investors and hedge funds.

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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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