Jefferies Financial Group Lowers Adobe (NASDAQ:ADBE) Price Target to $650.00

Adobe (NASDAQ:ADBE) had its target price dropped by Jefferies Financial Group from $700.00 to $650.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the software company’s stock. Jefferies Financial Group’s target price would suggest a potential upside of 39.58% from the company’s previous close.

ADBE has been the topic of several other research reports. TD Cowen downgraded Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the company from $625.00 to $550.00 in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Thursday, December 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Thursday, December 5th. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Stock Down 1.9 %

Shares of NASDAQ:ADBE opened at $465.69 on Thursday. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a market capitalization of $205.00 billion, a PE ratio of 38.28, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The business has a fifty day moving average price of $505.99 and a two-hundred day moving average price of $523.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. 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. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC lifted its position in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Adobe by 2.0% during the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after buying an additional 140,390 shares during the period. 81.79% of the stock is currently owned by 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.