Royal Bank of Canada Cuts Adobe (NASDAQ:ADBE) Price Target to $550.00

Adobe (NASDAQ:ADBE) had its target price decreased by Royal Bank of Canada from $590.00 to $550.00 in a research report released on Friday morning,Benzinga reports. Royal Bank of Canada currently has an outperform rating on the software company’s stock.

Several other brokerages have also issued reports on ADBE. Sanford C. Bernstein reduced their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Bank of America reduced their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Finally, Oppenheimer reduced their price objective on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $567.81.

Adobe Trading Up 1.0 %

ADBE opened at $449.40 on Friday. The stock has a market capitalization of $195.62 billion, a PE ratio of 36.24, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 1-year low of $403.75 and a 1-year high of $587.75. The firm has a 50-day moving average price of $439.56 and a two-hundred day moving average price of $487.67.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter last year, the firm earned $3.52 EPS. As a group, equities analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the business’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the company. Copia Wealth Management bought a new stake in Adobe during the fourth quarter worth about $28,000. Wood Tarver Financial Group LLC acquired a new position in Adobe during the fourth quarter worth about $64,000. TFR Capital LLC. acquired a new position in Adobe during the fourth quarter worth about $413,000. Probity Advisors Inc. raised its stake in Adobe by 32.2% during the fourth quarter. Probity Advisors Inc. now owns 1,825 shares of the software company’s stock worth $812,000 after acquiring an additional 444 shares in the last quarter. Finally, Audent Global Asset Management LLC raised its stake in Adobe by 528.1% during the fourth quarter. Audent Global Asset Management LLC now owns 5,408 shares of the software company’s stock worth $2,405,000 after acquiring an additional 4,547 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

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.