Evercore ISI Cuts Adobe (NASDAQ:ADBE) Price Target to $550.00

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

Other research analysts have also recently issued research reports about the company. Mizuho cut their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday. Jefferies Financial Group reduced their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” 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 objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. UBS Group decreased their price target on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research note on Thursday. Finally, Barclays dropped their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Stock Up 4.5 %

Shares of NASDAQ ADBE opened at $394.74 on Thursday. Adobe has a 52-week low of $374.50 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company’s 50 day moving average price is $437.03 and its 200-day moving average price is $482.06. The company has a market capitalization of $171.87 billion, a P/E 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 earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period last year, the business posted $4.48 EPS. Equities analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other Adobe news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following 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 purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’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 transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Over 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 corporate insiders.

Institutional Investors Weigh In On Adobe

A number of large investors have recently added to or reduced their stakes in the business. Swedbank AB raised its stake in Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after purchasing an additional 3,739 shares during the last quarter. United Bank raised its position in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after buying an additional 428 shares during the last quarter. Harbour Investments Inc. boosted its position in Adobe by 194.1% during the third quarter. Harbour Investments Inc. now owns 3,397 shares of the software company’s stock worth $1,759,000 after acquiring an additional 2,242 shares during the last quarter. Haverford Trust Co grew its stake in Adobe by 0.5% in the 3rd quarter. Haverford Trust Co now owns 5,772 shares of the software company’s stock worth $2,989,000 after acquiring an additional 27 shares during the period. Finally, MQS Management LLC acquired a new stake in Adobe in the 3rd quarter worth about $234,000. 81.79% of the stock is owned by institutional investors and hedge funds.

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.