Sanford C. Bernstein Lowers Adobe (NASDAQ:ADBE) Price Target to $644.00

Adobe (NASDAQ:ADBE) had its price target lowered by equities researchers at Sanford C. Bernstein from $660.00 to $644.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the software company’s stock. Sanford C. Bernstein’s price objective indicates a potential upside of 19.95% from the stock’s current price.

A number of other analysts also recently issued reports on ADBE. TD Cowen cut their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Oppenheimer lifted their price target on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 4th. Piper Sandler cut their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. BMO Capital Markets boosted their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

Adobe Stock Down 8.5 %

NASDAQ ADBE opened at $536.87 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The business has a fifty day moving average price of $553.76 and a 200 day moving average price of $519.96. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $3.26 EPS. Research analysts anticipate that Adobe will post 14.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Sanctuary Advisors LLC acquired a new stake in shares of Adobe in the second quarter worth about $35,655,000. Coronation Fund Managers Ltd. grew its stake in shares of Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after purchasing an additional 2,521 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $43,000. Clearbridge Investments LLC grew its stake in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock valued at $1,097,044,000 after purchasing an additional 15,685 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new stake in Adobe during the 2nd quarter worth approximately $313,000. Institutional investors and hedge funds 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.