Mizuho Cuts Adobe (NASDAQ:ADBE) Price Target to $530.00

Adobe (NASDAQ:ADBE) had its target price trimmed by Mizuho from $575.00 to $530.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the software company’s stock.

A number of other research analysts also recently issued reports on ADBE. Morgan Stanley decreased their price target on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Citigroup boosted their price target on Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a report on Tuesday. DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Friday. Finally, Robert W. Baird decreased their price target on Adobe from $490.00 to $410.00 and set a “neutral” rating for the company in a report on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $391.68 on Friday. The business’s 50 day moving average price is $386.76 and its 200 day moving average price is $421.72. The firm has a market cap of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the previous year, the company posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

Several large investors have recently added to or reduced their stakes in ADBE. Brighton Jones LLC grew its holdings in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Adobe in the 4th quarter valued at $76,712,000. Stanley Laman Group Ltd. grew its holdings in Adobe by 87.2% in the 4th quarter. Stanley Laman Group Ltd. now owns 777 shares of the software company’s stock valued at $346,000 after buying an additional 362 shares in the last quarter. IMS Capital Management grew its holdings in Adobe by 2.7% in the 4th quarter. IMS Capital Management now owns 2,915 shares of the software company’s stock valued at $1,296,000 after buying an additional 76 shares in the last quarter. Finally, Bogart Wealth LLC grew its holdings in Adobe by 8.1% in the 4th quarter. Bogart Wealth LLC now owns 13,981 shares of the software company’s stock valued at $6,217,000 after buying an additional 1,043 shares in the last quarter. 81.79% 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.