Adobe (NASDAQ:ADBE) Given New $480.00 Price Target at Royal Bank of Canada

Adobe (NASDAQ:ADBE - Get Free Report) had its target price cut by research analysts at Royal Bank of Canada from $530.00 to $480.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an "outperform" rating on the software company's stock. Royal Bank of Canada's price target would indicate a potential upside of 34.63% from the stock's previous close.

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Several other research firms have also recently weighed in on ADBE. Evercore ISI cut their price target on shares of Adobe from $650.00 to $550.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Bank of America cut their target price on shares of Adobe from $605.00 to $528.00 and set a "buy" rating on the stock in a research note on Thursday, March 13th. Wells Fargo & Company reduced their price target on shares of Adobe from $640.00 to $600.00 and set an "overweight" rating on the stock in a research report on Friday, March 7th. Stifel Nicolaus lowered their price objective on shares of Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Finally, Jefferies Financial Group reduced their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $525.19.

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Adobe Trading Up 1.2 %

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Shares of NASDAQ:ADBE traded up $4.07 during midday trading on Monday, hitting $356.54. 637,352 shares of the stock traded hands, compared to its average volume of 3,388,808. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business's 50 day moving average is $413.00 and its two-hundred day moving average is $455.28. The stock has a market capitalization of $151.96 billion, a PE ratio of 28.75, a P/E/G ratio of 2.15 and a beta of 1.49. Adobe has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the company posted $4.48 EPS. As a group, research analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Buying and Selling at Adobe

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In other news, EVP Scott Belsky sold 3,819 shares of the company's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the completion of the sale, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock worth $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter worth $28,000. Copia Wealth Management bought a new stake in Adobe during the fourth quarter valued at about $28,000. Decker Retirement Planning Inc. purchased a new position in shares of Adobe in the fourth quarter valued at about $31,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter worth about $31,000. 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.

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