Adobe (NASDAQ:ADBE) Given New $550.00 Price Target at Evercore ISI

Adobe (NASDAQ:ADBE) had its target price lowered by Evercore ISI from $650.00 to $550.00 in a report released on Thursday morning,Benzinga reports. Evercore ISI currently has an outperform rating on the software company’s stock.

A number of other equities research analysts have also recently commented on the stock. Sanford C. Bernstein decreased their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. StockNews.com cut shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company decreased their price target on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating for the company in a report on Friday, March 7th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $539.46.

Adobe Trading Down 13.9 %

NASDAQ:ADBE opened at $377.84 on Thursday. Adobe has a 52 week low of $374.50 and a 52 week high of $587.75. The firm has a 50 day moving average of $437.74 and a 200 day moving average of $483.80. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $164.51 billion, a price-to-earnings ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This trade represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last 90 days. 0.15% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Institutional investors have recently modified their holdings of the stock. PKO Investment Management Joint Stock Co purchased a new position in shares of Adobe in the fourth quarter worth about $7,115,000. Northstar Financial Companies Inc. purchased a new position in shares of Adobe in the fourth quarter worth about $241,000. Centaurus Financial Inc. lifted its stake in shares of Adobe by 34.8% in the fourth quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock worth $1,606,000 after buying an additional 932 shares in the last quarter. Lighthouse Financial LLC purchased a new position in shares of Adobe in the fourth quarter worth about $218,000. Finally, Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Institutional investors and hedge funds 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.