BMO Capital Markets Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price target decreased by BMO Capital Markets from $600.00 to $570.00 in a report issued on Thursday,Benzinga reports. BMO Capital Markets currently has an outperform rating on the software company’s stock.

Several other equities analysts have also commented on ADBE. Barclays raised their price target on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Bank of America reissued a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Citigroup dropped their price objective on shares of Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Price Performance

Adobe stock opened at $465.69 on Thursday. The stock has a market cap of $205.00 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The firm has a 50-day moving average of $505.16 and a two-hundred day moving average of $523.26. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 of the company’s stock, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,793 shares of company stock worth $18,069,669. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% in the third 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 last quarter. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter valued at $30,000. True Wealth Design LLC grew its position in Adobe by 141.7% during the 3rd 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 purchased a new position in shares of Adobe during the 2nd quarter valued at about $33,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.