TD Cowen Downgrades Adobe (NASDAQ:ADBE) to Hold

TD Cowen cut shares of Adobe (NASDAQ:ADBE) from a buy rating to a hold rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. TD Cowen currently has $550.00 price objective on the software company’s stock, down from their prior price objective of $625.00.

Several other equities research analysts have also commented on ADBE. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup dropped their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research report on Monday, December 9th. Two 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 issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Stock Down 1.9 %

Shares of NASDAQ:ADBE opened at $465.69 on Thursday. The business’s 50 day moving average is $505.16 and its 200 day moving average is $523.26. The stock has a market cap of $205.00 billion, a P/E ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

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

Insider Activity at Adobe

In related news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock worth $18,069,669 over the last quarter. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently bought and sold shares of the stock. 1ST Source Bank increased its holdings in shares of Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after purchasing an additional 20 shares in the last quarter. DGS Capital Management LLC grew its position in Adobe by 1.8% during the third quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after buying an additional 42 shares during the period. Oddo BHF Asset Management Sas purchased a new position in Adobe in the third quarter valued at $14,622,000. Inspire Trust Co. N.A. raised its position in shares of Adobe by 9.1% in the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after acquiring an additional 475 shares during the period. Finally, American Trust purchased a new stake in shares of Adobe during the 3rd quarter worth about $1,057,000. Hedge funds and other institutional investors 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.