Adobe (NASDAQ:ADBE – Free Report) had its target price lowered by Jefferies Financial Group from $700.00 to $650.00 in a research note issued to investors on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the software company’s stock.
A number of other analysts have also recently commented on ADBE. Sanford C. Bernstein lowered their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a report on Thursday, December 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a report on Thursday, December 5th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Two equities 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $584.88.
View Our Latest Report on ADBE
Adobe Price Performance
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data 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. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The firm 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 company earned $3.52 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, equities analysts anticipate that Adobe will post 16.73 EPS for the current year.
Insider Activity
In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This trade represents a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’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 value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,793 shares of company stock valued at $18,069,669. 0.15% of the stock is owned by insiders.
Hedge Funds Weigh In On Adobe
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Legacy Investment Solutions LLC bought a new stake in shares of Adobe during the 3rd quarter worth about $26,000. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter worth approximately $30,000. True Wealth Design LLC grew its position 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 valued at $30,000 after purchasing an additional 34 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter worth approximately $33,000. 81.79% of the stock is owned by 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.
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