Stifel Nicolaus Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price reduced by Stifel Nicolaus from $650.00 to $600.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the software company’s stock.

ADBE has been the subject of several other reports. Bank of America reduced their target price on Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a research note on Thursday. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Thursday, December 5th. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Sanford C. Bernstein decreased their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $465.69 on Thursday. 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 quick ratio of 1.11 and a current ratio of 1.11. The company’s fifty day moving average price is $505.16 and its 200 day moving average price is $523.26. The company has a market capitalization of $205.00 billion, a PE ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29.

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

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the 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 completion of the transaction, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were 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 owns 20,838 shares in the company, valued at $10,740,738.72. This represents a 23.78 % 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. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Piscataqua Savings Bank raised its stake in shares of 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 acquiring an additional 34 shares during the period. Legacy Investment Solutions LLC purchased a new stake in Adobe in the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the third quarter worth $30,000. Finally, True Wealth Design LLC grew its stake 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 buying an additional 34 shares in the last quarter. 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.