JPMorgan Chase & Co. Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price reduced by analysts at JPMorgan Chase & Co. from $580.00 to $540.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 36.80% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Oppenheimer dropped their price target on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday. Royal Bank of Canada dropped their price target on shares of Adobe from $550.00 to $530.00 and set an “outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday. DA Davidson dropped their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Finally, Evercore ISI dropped their price target on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $539.46.

Adobe Stock Up 4.5 %

Shares of NASDAQ ADBE opened at $394.74 on Thursday. The firm has a market cap of $171.87 billion, a PE ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a 12-month low of $374.50 and a 12-month high of $587.75. The company’s fifty day simple moving average is $437.03 and its 200 day simple moving average is $482.65. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. As a group, sell-side analysts forecast that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 over the last quarter. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently bought and sold shares of ADBE. Norges Bank purchased a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. Proficio Capital Partners LLC grew its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP grew its stake in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Adobe during the fourth quarter valued at approximately $365,750,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.