Citigroup Increases Adobe (NASDAQ:ADBE) Price Target to $621.00

Adobe (NASDAQ:ADBE) had its price objective boosted by Citigroup from $550.00 to $621.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the software company’s stock.

Several other equities analysts have also issued reports on the company. Oppenheimer raised their price objective on Adobe from $580.00 to $625.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. Robert W. Baird raised their price objective on Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a report on Friday, June 14th. JMP Securities reaffirmed a market perform rating on shares of Adobe in a report on Friday, June 14th. BMO Capital Markets increased their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a research note on Friday, June 14th. Finally, Melius Research reiterated a hold rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $608.83.

Adobe Stock Performance

NASDAQ:ADBE opened at $536.87 on Wednesday. The firm has a market capitalization of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The business’s fifty day moving average price is $553.76 and its 200 day moving average price is $519.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.26 earnings per share. On average, sell-side analysts anticipate that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter valued at approximately $33,000. Steph & Co. raised its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.