KeyCorp Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price target lowered by research analysts at KeyCorp from $450.00 to $390.00 in a report released on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the software company’s stock. KeyCorp’s price objective indicates a potential downside of 1.20% from the company’s previous close.

Other analysts have also issued research reports about the company. Citigroup decreased their price objective on Adobe from $551.00 to $490.00 and set a “neutral” rating on the stock in a research note on Monday, March 10th. Wells Fargo & Company decreased their price objective on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research note on Friday, March 7th. Sanford C. Bernstein decreased their price objective on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. UBS Group decreased their price objective on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Evercore ISI decreased their price objective on Adobe from $650.00 to $550.00 and set an “outperform” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $539.46.

Adobe Trading Up 4.5 %

NASDAQ:ADBE opened at $394.74 on Thursday. The stock has a fifty day moving average price of $437.03 and a two-hundred day moving average price of $482.65. The stock has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a 1 year low of $374.50 and a 1 year high of $587.75.

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

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 922 shares of the firm’s stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the sale, the executive vice president now directly owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares in the company, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC purchased a new stake in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the last quarter. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management purchased a new stake in Adobe during the 4th quarter worth approximately $28,000. 81.79% of the stock is currently owned by hedge funds and other 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.