Adobe (NASDAQ:ADBE) Price Target Cut to $590.00 by Analysts at Jefferies Financial Group

Adobe (NASDAQ:ADBE) had its price objective lowered by Jefferies Financial Group from $650.00 to $590.00 in a research report released on Monday morning,Benzinga reports. The firm currently has a buy rating on the software company’s stock.

A number of other research firms have also recently commented on ADBE. Wells Fargo & Company cut their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $525.00 and set a “buy” rating for the company in a research note on Thursday, March 13th. UBS Group set a $495.00 target price on shares of Adobe in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Finally, Mizuho cut their price target on Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. Eleven analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $531.54.

Adobe Price Performance

ADBE stock opened at $383.53 on Monday. The business has a 50 day moving average price of $430.88 and a 200 day moving average price of $467.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market cap of $163.46 billion, a price-to-earnings ratio of 30.93, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the firm earned $4.48 EPS. Equities research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, EVP Scott Belsky sold 922 shares of the stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, 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 have sold a total of 5,075 shares of company stock valued at $2,191,826 over the last ninety days. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC lifted its position in shares of 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 worth $463,701,000 after purchasing an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares during the last quarter. Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% in the 4th 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 during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $365,750,000. 81.79% of the stock is owned by hedge funds and other 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.