Brokerages Set Adobe Inc. (NASDAQ:ADBE) Price Target at $502.88

Shares of Adobe Inc. (NASDAQ:ADBE) have earned an average recommendation of “Moderate Buy” from the twenty-eight analysts that are presently covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $502.88.

A number of analysts recently weighed in on the company. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Robert W. Baird decreased their price objective on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Wells Fargo & Company decreased their price objective on Adobe from $600.00 to $430.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, BMO Capital Markets decreased their price objective on Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th.

Adobe Stock Down 0.7%

Shares of NASDAQ:ADBE opened at $417.61 on Wednesday. The company has a fifty day moving average of $376.12 and a 200-day moving average of $433.08. The company has a market capitalization of $177.99 billion, a PE ratio of 33.68, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the business earned $4.48 earnings per share. On average, equities analysts predict that Adobe will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently made changes to their positions in the business. Siemens Fonds Invest GmbH increased its stake in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. 1248 Management LLC purchased a new stake in Adobe in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter valued at about $28,000. Finally, Copia Wealth Management purchased a new stake in Adobe in the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.