Adobe (NASDAQ:ADBE) Price Target Cut to $600.00 by Analysts at Stifel Nicolaus

Adobe (NASDAQ:ADBE) had its target price lowered by equities researchers at Stifel Nicolaus from $650.00 to $600.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the software company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 9.10% from the company’s current price.

Several other research analysts also recently commented on the company. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a report on Monday. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Bank of America lowered their price objective on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and cut their target price for the company from $625.00 to $550.00 in a research report on Thursday. Finally, Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $592.27.

Adobe Stock Performance

ADBE stock opened at $549.93 on Thursday. The firm has a market cap of $242.08 billion, a price-to-earnings ratio of 46.45, a PEG ratio of 2.52 and a beta of 1.29. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business’s fifty day simple moving average is $506.57 and its two-hundred day simple moving average is $523.36.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.52 EPS. Analysts predict that Adobe will post 14.82 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the sale, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

A number of hedge funds have recently modified their holdings of the stock. Coronation Fund Managers Ltd. boosted its holdings in Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock worth $2,528,000 after buying an additional 2,521 shares in the last quarter. Pure Financial Advisors LLC boosted its stake in shares of Adobe by 17.7% during the 2nd quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after acquiring an additional 161 shares in the last quarter. Rovin Capital UT ADV acquired a new stake in shares of Adobe during the 2nd quarter valued at about $404,000. Brookstone Capital Management grew its position in shares of Adobe by 8.1% during the 2nd quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after acquiring an additional 599 shares during the period. Finally, Foster Victor Wealth Advisors LLC increased its stake in shares of Adobe by 5.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock valued at $23,185,000 after purchasing an additional 2,111 shares in the last quarter. 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.