BMO Capital Markets Cuts Adobe (NASDAQ:ADBE) Price Target to $515.00

Adobe (NASDAQ:ADBE) had its price objective reduced by research analysts at BMO Capital Markets from $570.00 to $515.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 12.86% from the stock’s current price.

Several other research analysts have also issued reports on the stock. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and reduced their target price for the company from $625.00 to $550.00 in a research note on Thursday, December 12th. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Jefferies Financial Group reduced their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. BNP Paribas raised Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a research note on Wednesday, January 15th. Finally, StockNews.com raised Adobe from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Performance

NASDAQ ADBE traded down $7.80 during trading on Wednesday, hitting $456.31. The company’s stock had a trading volume of 1,261,920 shares, compared to its average volume of 3,574,747. The firm has a 50 day moving average price of $443.14 and a 200 day moving average price of $495.16. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market cap of $198.63 billion, a P/E ratio of 36.80, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31. Adobe has a 52 week low of $403.75 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS 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 analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the business earned $3.52 earnings per share. Equities research analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated 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 transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock worth $2,525,126 over the last three months. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH increased its position in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in shares of Adobe in the third quarter worth $26,000. Groupama Asset Managment boosted its position in shares of Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in Adobe in the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC increased its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

About Adobe

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.