Barclays Cuts Adobe (NASDAQ:ADBE) Price Target to $630.00

Adobe (NASDAQ:ADBE) had its price target decreased by equities research analysts at Barclays from $700.00 to $630.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. Barclays‘s price objective would suggest a potential upside of 22.60% from the company’s previous close.

ADBE has been the subject of a number of other research reports. Citigroup boosted their price objective on shares of Adobe from $610.00 to $675.00 and gave the company a “neutral” rating in a report on Tuesday, December 12th. Piper Sandler boosted their price objective on shares of Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. Royal Bank of Canada cut their price target on shares of Adobe from $650.00 to $630.00 and set an “outperform” rating for the company in a report on Friday. Bank of America cut their price target on shares of Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a report on Friday. Finally, Piper Sandler Companies cut their price target on shares of Adobe from $705.00 to $700.00 and set an “overweight” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $627.00.

Adobe Stock Performance

Shares of ADBE stock traded up $21.40 during midday trading on Friday, hitting $513.86. 7,048,998 shares of the company were exchanged, compared to its average volume of 3,535,195. The firm 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 company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. The firm’s 50 day moving average price is $584.71 and its two-hundred day moving average price is $574.06. Adobe has a 52 week low of $331.89 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. Adobe had a net margin of 24.08% and a return on equity of 38.97%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.97 EPS. As a group, equities research analysts anticipate that Adobe will post 14.46 earnings per share for the current year.

Insider Activity

In related news, CEO Shantanu Narayen sold 32,000 shares of the stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the transaction, the chief executive officer now directly owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 32,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the completion of the transaction, the chief executive officer now directly owns 377,928 shares in the company, valued at $226,106,763.84. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,162 shares of company stock valued at $26,276,030. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Iron Horse Wealth Management LLC purchased a new stake in shares of Adobe in the third quarter valued at about $25,000. HBC Financial Services PLLC purchased a new stake in Adobe during the third quarter worth about $25,000. Global Wealth Strategies & Associates increased its holdings in Adobe by 57.6% during the third quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock worth $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC purchased a new stake in Adobe during the fourth quarter worth about $29,000. Finally, Halpern Financial Inc. increased its holdings in Adobe by 314.3% during the third quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 44 shares during the last quarter. 80.00% of the stock is owned by institutional investors.

About Adobe

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.