Adobe (NASDAQ:ADBE) Raised to Neutral at BNP Paribas

BNP Paribas upgraded shares of Adobe (NASDAQ:ADBE) from an underperform rating to a neutral rating in a research report report published on Wednesday, Marketbeat Ratings reports. They currently have $425.00 price objective on the software company’s stock.

A number of other equities analysts have also commented on the stock. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group reduced their target price on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Sanford C. Bernstein decreased their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Finally, DA Davidson decreased their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Adobe Stock Up 1.1 %

NASDAQ ADBE opened at $417.28 on Wednesday. Adobe has a 1-year low of $403.75 and a 1-year high of $638.25. The company has a market capitalization of $183.69 billion, a price-to-earnings ratio of 33.65, a PEG ratio of 2.51 and a beta of 1.31. The stock’s 50 day moving average is $481.07 and its two-hundred day moving average is $515.02. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business’s revenue was up 11.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.52 earnings per share. Equities analysts forecast that Adobe will post 16.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,763 shares of company stock worth $893,665. Company insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several large investors have recently made changes to their positions in ADBE. Commonwealth Financial Services LLC increased its holdings in Adobe by 3.7% during the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after purchasing an additional 19 shares in the last quarter. Onyx Bridge Wealth Group LLC boosted its position in shares of Adobe by 4.0% during the third quarter. Onyx Bridge Wealth Group LLC now owns 526 shares of the software company’s stock worth $272,000 after buying an additional 20 shares during the period. Connable Office Inc. grew its holdings in shares of Adobe by 0.5% during the third quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares in the last quarter. 1ST Source Bank raised its position in Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after buying an additional 20 shares during the last quarter. Finally, Sfmg LLC lifted its stake in Adobe by 3.1% in the 2nd quarter. Sfmg LLC now owns 708 shares of the software company’s stock valued at $393,000 after acquiring an additional 21 shares in 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.