Adobe (NASDAQ:ADBE) Rating Lowered to Buy at StockNews.com

Adobe (NASDAQ:ADBE) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Several other research analysts also recently issued reports on the stock. Oppenheimer lowered their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Stifel Nicolaus reduced their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday, December 12th. Redburn Atlantic began coverage on Adobe in a research report on Wednesday. They issued a “neutral” rating for the company. Royal Bank of Canada restated an “outperform” rating and set a $590.00 price target on shares of Adobe in a report on Thursday, February 13th. Finally, Wells Fargo & Company dropped their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $570.88.

Adobe Price Performance

Shares of ADBE stock opened at $444.32 on Thursday. Adobe has a twelve month low of $403.75 and a twelve month high of $587.75. 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 business has a fifty day simple moving average of $440.46 and a 200 day simple moving average of $494.16. The company has a market cap of $193.41 billion, a P/E ratio of 35.83, a P/E/G ratio of 2.21 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 earnings per share. On average, sell-side analysts forecast that Adobe will post 16.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Amy Banse sold 606 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares of the company’s stock, valued at approximately $9,687,063.84. The trade was a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. 0.15% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Swedbank AB lifted its holdings in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in Adobe by 8.7% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock valued at $4,223,000 after buying an additional 654 shares during the last quarter. Tempus Wealth Planning LLC lifted its stake in Adobe by 6.6% during the 3rd quarter. Tempus Wealth Planning LLC now owns 402 shares of the software company’s stock valued at $208,000 after acquiring an additional 25 shares in the last quarter. Fulcrum Capital LLC boosted its holdings in Adobe by 0.7% during the 3rd quarter. Fulcrum Capital LLC now owns 24,710 shares of the software company’s stock worth $12,794,000 after acquiring an additional 160 shares during the last quarter. Finally, McAdam LLC grew its stake in shares of Adobe by 31.4% in the 3rd quarter. McAdam LLC now owns 498 shares of the software company’s stock worth $258,000 after acquiring an additional 119 shares in the last quarter. 81.79% of the stock is 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.