Mizuho Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price decreased by Mizuho from $640.00 to $620.00 in a report released on Thursday morning,Benzinga reports. Mizuho currently has an outperform rating on the software company’s stock.

ADBE has been the topic of a number of other reports. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Stifel Nicolaus boosted their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe 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 given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $584.88.

Adobe Trading Down 1.9 %

Shares of ADBE opened at $465.69 on Thursday. The firm’s 50-day moving average is $505.16 and its two-hundred day moving average is $523.26. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $205.00 billion, a P/E ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29.

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

Insiders Place Their Bets

In related news, Director Amy Banse sold 606 shares of the business’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 sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was 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 at the SEC website. Also, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The disclosure for this sale can be found here. In 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ADBE. Coronation Fund Managers Ltd. boosted its position in shares of Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after purchasing an additional 2,521 shares during the period. Pure Financial Advisors LLC increased its position in shares of Adobe by 17.7% in the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after acquiring an additional 161 shares in the last quarter. Rovin Capital UT ADV acquired a new stake in shares of Adobe during the second quarter valued at approximately $404,000. Brookstone Capital Management lifted its position in shares of Adobe by 8.1% in the 2nd quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after acquiring an additional 599 shares in the last quarter. Finally, Foster Victor Wealth Advisors LLC boosted its stake in Adobe by 5.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock worth $23,185,000 after purchasing an additional 2,111 shares during the period. Institutional investors own 81.79% of the company’s stock.

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.