Adobe (NASDAQ:ADBE) Price Target Cut to $587.00 by Analysts at Sanford C. Bernstein

Adobe (NASDAQ:ADBE) had its price target cut by analysts at Sanford C. Bernstein from $644.00 to $587.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the software company’s stock. Sanford C. Bernstein’s price objective suggests a potential upside of 26.05% from the company’s current price.

Several other analysts have also recently weighed in on the stock. Barclays decreased their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday. Citigroup dropped their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a report on Thursday. Bank of America cut their price target on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday. Finally, Piper Sandler decreased their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $465.69 on Thursday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market cap of $205.00 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29. The firm’s 50-day moving average is $505.16 and its 200-day moving average is $522.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.52 EPS. Equities research analysts anticipate that Adobe will post 16.73 earnings per share for the current year.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 over the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently modified their holdings of the stock. Onyx Bridge Wealth Group LLC grew its stake in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank grew its position in Adobe by 3.3% in the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the last quarter. Connable Office Inc. lifted its position in shares of Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company’s stock worth $1,932,000 after buying an additional 20 shares in the last quarter. Finally, 1ST Source Bank boosted its stake in shares of Adobe by 0.7% in the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. 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.