Adobe (NASDAQ:ADBE) Price Target Cut to $600.00 by Analysts at Deutsche Bank Aktiengesellschaft

Adobe (NASDAQ:ADBE) had its target price trimmed by Deutsche Bank Aktiengesellschaft from $650.00 to $600.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the software company’s stock.

A number of other analysts have also recently weighed in on ADBE. Royal Bank of Canada reissued an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Thursday, December 5th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Bank of America reissued a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $584.88.

Adobe Stock Performance

Shares of Adobe stock opened at $474.63 on Thursday. The stock has a market capitalization of $208.93 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. The business has a 50-day moving average of $506.57 and a 200 day moving average of $523.36.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period in the prior year, the firm earned $3.52 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 over the last three months. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently bought and sold shares of the business. Coronation Fund Managers Ltd. grew its stake in Adobe by 124.2% in the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after purchasing an additional 2,521 shares in the last quarter. Pure Financial Advisors LLC raised its position in shares of Adobe by 17.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after purchasing an additional 161 shares during the period. Rovin Capital UT ADV acquired a new position in Adobe during the 2nd quarter valued at approximately $404,000. Brookstone Capital Management lifted its stake in Adobe by 8.1% in the second quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after buying an additional 599 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC boosted its holdings in shares of Adobe by 5.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock valued at $23,185,000 after acquiring an additional 2,111 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.