Adobe (NASDAQ:ADBE) PT Lowered to $644.00

Adobe (NASDAQ:ADBE) had its target price dropped by equities research analysts at Sanford C. Bernstein from $660.00 to $644.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the software company’s stock. Sanford C. Bernstein’s target price would suggest a potential upside of 9.79% from the stock’s previous close.

Several other brokerages also recently weighed in on ADBE. TD Cowen reduced their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Citigroup raised their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $606.29.

Adobe Stock Performance

Shares of ADBE stock opened at $586.55 on Friday. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market cap of $260.08 billion, a P/E ratio of 52.70, a PEG ratio of 3.03 and a beta of 1.29. The firm has a fifty day moving average price of $554.59 and a 200 day moving average price of $520.35.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the firm posted $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts predict that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction 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 $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last 90 days. 0.15% of the stock is currently owned by corporate insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently modified their holdings of the business. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC purchased a new stake in shares of Adobe in the second quarter valued at $33,000. Lynx Investment Advisory acquired a new stake in shares of Adobe during the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe during the 2nd quarter worth about $39,000. Hedge funds and other 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.