Adobe (NASDAQ:ADBE) Receives New Price Target of $530.00 at Mizuho

Adobe (NASDAQ:ADBE – Get an assessment) saw its price target lowered by investment analysts Mizuho from $600.00 to $530.00 in a research note released on Friday, reports The Fly. Mizuho’s price target would suggest a potential upside of 24.29% from the company’s current price.

ADBE has been the subject of a number of other research reports. JPMorgan Chase & Co. cut its price target on Adobe from $645.00 to $540.00 in a Wednesday, March 23 research report. Credit Suisse Group cut its price target on Adobe from $625.00 to $525.00 and set a “neutral” rating on the stock in a Wednesday, March 23 research report. Royal Bank of Canada cut its price target on Adobe from $650.00 to $600.00 and set an “outperform” rating for the stock in a Monday, March 21 research report. BNP Paribas began covering Adobe in a research report on Tuesday March 29. They set an “outperform” rating and a price target of $570.00 for the stock. Finally, Exane BNP Paribas began covering Adobe in a research report on Tuesday March 29. They set an “outperform” rating and a price target of $570.00 for the stock. Seven analysts gave the stock a hold rating and twenty-one gave the company a buy rating. According to MarketBeat.com, Adobe currently has an average rating of “Buy” and a consensus target price of $568.64.

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Adobe shares opened at $426.42 on Friday. Adobe has a 1-year minimum of $370.27 and a 1-year maximum of $699.54. The stock has a market capitalization of $201.48 billion, a P/E ratio of 42.35, a P/E/G ratio of 2.22 and a beta of 1.08. The stock’s 50-day simple moving average is $417.37 and its 200-day simple moving average is $485.99. The company has a debt ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04.

Adobe (NASDAQ:ADBE – Get Rating) last announced its results on Tuesday, March 22. The software company reported earnings per share (EPS) of $2.84 for the quarter, beating consensus analyst estimates of $2.77 by $0.07. The company posted revenue of $4.26 billion for the quarter, versus analyst estimates of $4.24 billion. Adobe had a return on equity of 36.47% and a net margin of 29.90%. The company’s quarterly revenue increased by 9.1% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $2.64. As a group, research analysts expect Adobe to post EPS of 11.09 for the current fiscal year.

Separately, CAO Mark S. Garfield sold 463 shares in a trade dated Thursday, March 24. The shares were sold at an average price of $425.79, for a total transaction of $197,140.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, Executive Vice President Scott Belsky sold 2,750 shares in a trade dated Friday, March 25. The stock was sold at an average price of $435.44, for a total transaction of $1,197,460.00. The disclosure of this sale can be found here. Insiders sold 11,538 shares of the company valued at $4,793,387 during the last quarter. Insiders own 0.23% of the shares of the company.

A number of hedge funds and other institutional investors have been buying and selling stocks recently. Norges Bank bought a new position in Adobe in the fourth quarter worth approximately $2,378,829,000. Castleview Partners LLC bought a new position in Adobe in the fourth quarter worth approximately $3,260,000. Flossbach Von Storch AG increased its stake in Adobe by 232.6% in the first quarter. Flossbach Von Storch AG now owns 1,800,423 shares of the software company valued at $820,309,000 after buying an additional 1,259,101 shares last quarter. Polen Capital Management LLC increased its stake in Adobe by 22.5% in the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company valued at $3,035,586,000 after purchasing an additional 1,222,654 shares last quarter. Finally, BlackRock Inc. increased its stake in Adobe by 3.3% in the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company valued at $21,279,818,000 after buying an additional 1,212,093 shares last quarter. 82.54% of the shares are held by hedge funds and other institutional investors.

Adobe Company Profile (Get a rating)

Adobe Inc operates as a diversified software company around the world. 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 businesses to create, publish and promote content; and Document Cloud, a unified cloud-based document services platform.

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