Adobe (NASDAQ:ADBE) Price Target Lowered to $511.00 at HSBC

Adobe (NASDAQ:ADBE) had its price objective decreased by HSBC from $557.00 to $511.00 in a report published on Friday morning, Benzinga reports. HSBC currently has a hold rating on the software company’s stock.

Several other analysts have also issued reports on the stock. Barclays upgraded shares of Adobe from an equal weight rating to an overweight rating and increased their price target for the stock from $680.00 to $700.00 in a research report on Monday, December 18th. Citigroup increased their price target on shares of Adobe from $610.00 to $675.00 and gave the stock a neutral rating in a research report on Tuesday, December 12th. UBS Group reduced their price target on shares of Adobe from $600.00 to $540.00 and set a neutral rating on the stock in a research report on Friday. TD Cowen reduced their price target on shares of Adobe from $650.00 to $640.00 and set an outperform rating on the stock in a research report on Friday. Finally, BNP Paribas lowered shares of Adobe from a neutral rating to an underperform rating and set a $499.00 target price on the stock. in a research report on Thursday, January 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $627.00.

Adobe Stock Performance

Adobe stock traded up $21.40 during mid-day trading on Friday, hitting $513.86. 7,048,998 shares of the company’s stock traded hands, compared to its average volume of 3,535,195. The firm has a 50 day simple moving average of $583.38 and a two-hundred day simple moving average of $573.74. The stock has a market cap of $232.55 billion, a price-to-earnings ratio of 49.13, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe has a fifty-two week low of $331.89 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.34 and a quick ratio of 1.34.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, March 14th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.38 by $0.10. Adobe had a net margin of 24.08% and a return on equity of 38.97%. The company had revenue of $5.18 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period last year, the firm earned $2.97 earnings per share. The business’s revenue for the quarter was up 11.3% on a year-over-year basis. On average, research analysts expect that Adobe will post 14.46 EPS for the current fiscal year.

Insider Activity

In other news, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 32,000 shares of the firm’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total value of $19,144,960.00. Following the completion of the sale, the chief executive officer now directly owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 788 shares of the firm’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Insiders have sold 44,162 shares of company stock worth $26,276,030 over the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently made changes to their positions in ADBE. Skyline Advisors Inc. bought a new stake in Adobe during the fourth quarter valued at $1,493,000. BlueChip Wealth Advisors LLC bought a new stake in Adobe during the fourth quarter valued at $511,000. VanderPol Investments L.L.C. bought a new stake in Adobe during the fourth quarter valued at $300,000. Walden Wealth Partners LLC bought a new stake in Adobe during the fourth quarter worth about $2,013,000. Finally, Leo Wealth LLC bought a new stake in Adobe during the fourth quarter worth about $1,502,000. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

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.