Citigroup Boosts Adobe (NASDAQ:ADBE) Price Target to $621.00

Adobe (NASDAQ:ADBE) had its price target hoisted by Citigroup from $550.00 to $621.00 in a research note issued to investors on Wednesday, Benzinga reports. Citigroup currently has a neutral rating on the software company’s stock.

A number of other analysts have also commented on ADBE. StockNews.com lowered shares of Adobe from a buy rating to a hold rating in a research note on Friday, August 23rd. Royal Bank of Canada reiterated an outperform rating and issued a $600.00 price target on shares of Adobe in a research note on Thursday, August 1st. JPMorgan Chase & Co. upgraded shares of Adobe from a neutral rating to an overweight rating and lifted their price target for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. BMO Capital Markets lifted their price target on shares of Adobe from $525.00 to $580.00 and gave the stock an outperform rating in a research note on Friday, June 14th. Finally, Mizuho reiterated a buy rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, Adobe has a consensus rating of Moderate Buy and an average target price of $608.83.

Adobe Price Performance

Shares of Adobe stock opened at $536.87 on Wednesday. The firm has a market cap of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company’s fifty day simple moving average is $553.76 and its two-hundred day simple moving average is $520.19.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter last year, the firm earned $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts expect that Adobe will post 14.69 EPS for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently bought and sold shares of ADBE. Norges Bank bought a new position in Adobe in the 4th quarter valued at $3,277,785,000. Wellington Management Group LLP raised its position in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new stake in shares of Adobe during the first quarter worth $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe during the second quarter worth $663,745,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during 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.