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Piper Sandler Lowers Adobe (NASDAQ:ADBE) Price Target to $600.00

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Adobe (NASDAQ: ADBE) The price target was lowered by analysts at Piper Sandler from $630.00 to $600.00 in a research note released on Monday, The Fly reports. Piper Sandler price target could point to a potential upside of 17.49% from the company’s previous close.

Several other brokerages have also recently influenced ADBE. Goldman Sachs Group reiterated its “buy” rating and set a $765.00 target price for shares of Adobe in a research report on Tuesday, October 19th. Stifel Nicolaus raised his price target on Adobe from $725.00 to $750.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. BMO Capital Markets lowered its price target on Adobe from $720.00 to $650.00 and placed an “outstanding” rating on the stock in a research report on Friday, December 17th. Guggenheim reaffirmed the “Hold” rating on Adobe stock in a research report on Monday, December 20th. Finally, Morgan Stanley lowered its price target for Adobe stock from $736.00 to $652.00 and assigned an “overweight” rating to the stock in a research report on Friday, December 17th. Seven investment analysts have rated the stock with a hold rating, and twenty have given the stock a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “buy” and an agreed target price of $666.56.

Nasdaq: ADBE opened at $510.70 on Monday. The company has a 50-day moving average of $622.33 and a 200-day moving average of $621.95. Adobe has a twelve-month low of $420.78 and a twelve-month high of $699.54. The company has a quick ratio of 1.39, a trading ratio of 1.25 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $243.30 billion, a P/E ratio of 50.97, a P/E ratio of 2.74 and a beta version of 1.01.

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Adobe (NASDAQ:ADBE) released its latest quarterly earnings results on Thursday, December 16th. The software company reported earnings of $3.20 per share for the quarter, bringing the Zacks consensus estimate of $3.20. The company generated $4.11 billion in revenue for the quarter, compared to the consensus estimate of $4.09 billion. Adobe had a net profit margin of 30.55% and a return on equity of 36.06%. The company’s quarterly revenue increased 20.0% year over year. During the same period in the previous year, the company earned $2.42 EPS. On average, analysts expect Adobe to post 11.09 EPS for the current fiscal year.

In other news, CMO Ann Lewns sold 582 shares of Adobe stock in a transaction that occurred on Tuesday, October 26th. The stock sold for an average price of $650.91, with a total value of $378,829.62. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through the Saudi Electricity Company’s website. Also, EVP Dana Rao sold 489 shares of Adobe stock in a transaction that occurred on Tuesday, October 26th. The stock sold for an average price of $650.91, with a total value of $318,294.99. The disclosure of this sale can be found here. Insiders have sold a total of 4,379 shares of company stock valued at $2,507,566 in the past three months. 0.23% of the shares are owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of stock. Atlantic Trust LLC bought a new stake in shares of Adobe in the second quarter valued at $34,000. JFS Wealth Advisors LLC raised its stakes in shares of Adobe by 857.1% in the third quarter. JFS Wealth Advisors LLC now owns 67 shares of the software company’s stock, valued at $39,000 after purchasing an additional 60 shares during the period. Vaughan Nelson Investment Management LP bought a new stake in shares of Adobe in the 3rd quarter valued at $43,000. Edge Wealth Management LLC raised its position in shares of Adobe by 53.3% in the third quarter. Edge Wealth Management LLC now owns 92 shares of the software company’s stock valued at $53,000 after acquiring an additional 32 shares last quarter. Finally, PSI Advisors LLC bought new shares of Adobe in the 3rd quarter valued at $58,000. Institutional investors own 81.72% of the company’s stock.

About Adobe

Adobe, Inc. is engaged in providing digital marketing and media solutions. It operates through the following divisions: Digital Media, Digital Experience, and Publishing. The digital media division offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room, and Adobe InDesign, as well as use other tools, such as Adobe Acrobat.

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