Adobe (NASDAQ:ADBE) Given New $540.00 Price Target at JPMorgan Chase & Co.

Adobe (NASDAQ:ADBE) had its target price lowered by JPMorgan Chase & Co. from $580.00 to $540.00 in a report issued on Thursday morning,Benzinga reports. The brokerage currently has an overweight rating on the software company’s stock.

A number of other equities analysts also recently commented on ADBE. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. UBS Group reduced their price objective on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a report on Thursday. Piper Sandler reduced their price objective on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Finally, Mizuho dropped their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

Shares of Adobe stock opened at $394.74 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The firm has a fifty day moving average price of $437.03 and a two-hundred day moving average price of $482.06. The company has a market cap of $171.87 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same period in the prior year, the firm earned $4.48 EPS. Analysts expect that Adobe will post 16.65 EPS for the current year.

Insider Activity

In other Adobe news, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, 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 filing with the SEC, which is available at this link. Also, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at $7,888,020.16. The trade was a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lansforsakringar Fondforvaltning AB publ bought a new position in Adobe during the 4th quarter worth approximately $101,828,000. PKO Investment Management Joint Stock Co bought a new position in Adobe during the 4th quarter worth approximately $7,115,000. Northstar Financial Companies Inc. bought a new position in Adobe during the 4th quarter worth approximately $241,000. Centaurus Financial Inc. boosted its stake in Adobe by 34.8% during the 4th quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock worth $1,606,000 after acquiring an additional 932 shares during the last quarter. Finally, Lighthouse Financial LLC bought a new position in Adobe during the 4th quarter worth approximately $218,000. 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.