Adobe (NASDAQ:ADBE) Given New $460.00 Price Target at Oppenheimer

by · The Markets Daily

Adobe (NASDAQ:ADBE – Free Report) had its price target cut by Oppenheimer from $500.00 to $460.00 in a report published on Tuesday, Marketbeat reports. They currently have an outperform rating on the software company’s stock.

A number of other equities research analysts have also recently weighed in on ADBE. Royal Bank Of Canada reduced their price objective on Adobe from $480.00 to $430.00 and set an “outperform” rating for the company in a research note on Monday. Redburn Atlantic downgraded shares of Adobe from a “hold” rating to a “strong sell” rating and reduced their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Bank of America lifted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Finally, Melius cut shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $444.89.

Read Our Latest Stock Analysis on ADBE

Adobe Price Performance

ADBE stock opened at $350.55 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe has a fifty-two week low of $330.04 and a fifty-two week high of $587.75. The business has a 50 day moving average price of $357.92 and a 200 day moving average price of $380.45. The stock has a market cap of $148.70 billion, a price-to-earnings ratio of 22.43, a PEG ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE – Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 earnings per share. Equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Adobe

A number of hedge funds have recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in Adobe in the second quarter valued at $2,029,950,000. GAMMA Investing LLC increased its holdings in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Adobe by 308.1% in the second quarter. Assenagon Asset Management S.A. now owns 3,109,436 shares of the software company’s stock valued at $1,202,979,000 after purchasing an additional 2,347,562 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. Finally, Nuveen LLC acquired a new position in Adobe during the first quarter worth about $607,443,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

About Adobe

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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.

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