Adobe (NASDAQ:ADBE) Downgraded by StockNews.com to “Buy”

Adobe (NASDAQ:ADBE) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.

Other equities analysts have also recently issued research reports about the company. BMO Capital Markets decreased their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday. Oppenheimer decreased their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $625.00 to $550.00 in a research note on Thursday, December 12th. Citigroup cut their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday, December 9th. Finally, DA Davidson lowered their target price on shares of Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Down 0.5 %

NASDAQ ADBE traded down $2.30 during trading on Thursday, hitting $454.69. The stock had a trading volume of 2,335,866 shares, compared to its average volume of 3,589,955. The company has a market capitalization of $197.93 billion, a PE ratio of 36.67, a P/E/G ratio of 2.25 and a beta of 1.31. Adobe has a 12 month low of $403.75 and a 12 month high of $587.75. The company’s 50-day moving average price is $440.89 and its two-hundred day moving average price is $494.61. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 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 analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.52 earnings per share. As a group, sell-side analysts forecast that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease 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, Director Amy Banse sold 606 shares of the stock in a transaction dated 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 in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Siemens Fonds Invest GmbH raised its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment lifted its stake in Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the third quarter valued at approximately $30,000. Finally, True Wealth Design LLC grew its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. 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.