Mizuho Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price target cut by investment analysts at Mizuho from $640.00 to $620.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the software company’s stock. Mizuho’s target price indicates a potential upside of 33.14% from the stock’s current price.

Other equities research analysts also recently issued reports about the stock. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

ADBE opened at $465.69 on Thursday. The business’s 50-day simple moving average is $505.99 and its 200 day simple moving average is $523.02. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $205.00 billion, a PE ratio of 38.28, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company 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 quarter in the prior year, the business posted $3.52 EPS. As a group, sell-side analysts expect that Adobe will post 16.73 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is currently owned by insiders.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in ADBE. International Assets Investment Management LLC raised its position in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares during the last quarter. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the 2nd quarter valued at about $663,745,000. FMR LLC increased its stake in shares of Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Liberty Wealth Management LLC raised its position in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its stake in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after acquiring an additional 491,627 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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.