Adobe (NASDAQ:ADBE) Given New $590.00 Price Target at Jefferies Financial Group

Adobe (NASDAQ:ADBE) had its price objective dropped by research analysts at Jefferies Financial Group from $650.00 to $590.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the software company’s stock. Jefferies Financial Group’s price objective suggests a potential upside of 56.09% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $530.00 target price on shares of Adobe in a research report on Wednesday, March 19th. JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Morgan Stanley dropped their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. Finally, Mizuho lowered their price objective on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Adobe Trading Down 2.0 %

Adobe stock opened at $378.00 on Monday. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The firm’s fifty day moving average price is $431.81 and its 200-day moving average price is $468.92. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $161.10 billion, a P/E ratio of 30.48, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter last year, the company posted $4.48 EPS. Equities research analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 1ST Source Bank lifted its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares in the last quarter. Sepio Capital LP boosted its holdings in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank grew its stake in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC raised its holdings in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares during the last quarter. Finally, RB Capital Management LLC lifted its position in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares during the period. 81.79% of the stock is owned by institutional investors.

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.