Bank of America Lowers Adobe (NASDAQ:ADBE) Price Target to $605.00

Adobe (NASDAQ:ADBE) had its price target cut by Bank of America from $640.00 to $605.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the software company’s stock.

ADBE has been the topic of a number of other research reports. Oppenheimer restated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a report on Thursday. Morgan Stanley reissued an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, BMO Capital Markets lowered their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company 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. The firm’s 50 day simple moving average is $505.16 and its 200 day simple moving average is $523.26. The firm has a market capitalization of $205.00 billion, a price-to-earnings ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly 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. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the firm earned $3.52 EPS. Adobe’s revenue was up 11.1% on a year-over-year basis. As a group, research analysts expect that Adobe will post 16.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Amy Banse sold 606 shares of the stock in a transaction dated 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 owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,793 shares of company stock worth $18,069,669. Insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds have recently made changes to their positions in the stock. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter worth approximately $26,000. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at $30,000. True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. Finally, Summit Securities Group LLC bought a new stake in Adobe during the second quarter valued at $33,000. 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.