Adobe (NASDAQ:ADBE) had its price target cut by Nomura from $315.00 to $310.00 in a report released on Wednesday, BenzingaRatingsTable reports. They currently have a buy rating on the software company’s stock.
Other research analysts also recently issued reports about the company. Stephens set a $327.00 price objective on Adobe and gave the company a buy rating in a research note on Tuesday, September 3rd. BidaskClub lowered Adobe from a hold rating to a sell rating in a research report on Wednesday, September 11th. Royal Bank of Canada assumed coverage on Adobe in a research report on Friday, September 13th. They issued a buy rating and a $320.00 target price for the company. BMO Capital Markets reaffirmed an outperform rating and issued a $310.00 target price (down from $315.00) on shares of Adobe in a research report on Wednesday. Finally, Barclays boosted their target price on Adobe from $304.00 to $330.00 and gave the company an overweight rating in a research report on Wednesday, June 19th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the stock. Adobe presently has a consensus rating of Buy and a consensus target price of $302.65.
Shares of NASDAQ:ADBE opened at $277.91 on Wednesday. The company has a market capitalization of $136.53 billion, a price-to-earnings ratio of 46.11, a P/E/G ratio of 2.75 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.74 and a quick ratio of 0.70. The business’s 50-day moving average is $285.63 and its 200-day moving average is $281.81. Adobe has a 1 year low of $204.95 and a 1 year high of $313.11.
In other Adobe news, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total transaction of $859,115.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $307.13, for a total value of $921,390.00. The disclosure for this sale can be found here. Insiders have sold a total of 25,627 shares of company stock valued at $7,471,484 over the last three months. Corporate insiders own 0.32% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Marquette Asset Management LLC increased its holdings in Adobe by 114.3% during the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares in the last quarter. JNBA Financial Advisors boosted its stake in shares of Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after buying an additional 80 shares during the last quarter. Manchester Financial Inc. purchased a new position in shares of Adobe in the 2nd quarter worth approximately $28,000. Ellis Investment Partners LLC purchased a new position in shares of Adobe in the 2nd quarter worth approximately $30,000. Finally, Resources Investment Advisors LLC. boosted its stake in shares of Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock worth $30,000 after buying an additional 50 shares during the last quarter. 86.03% of the stock is owned by hedge funds and other institutional investors.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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