Adobe (NASDAQ:ADBE) Price Target Lowered to $570.00 at BMO Capital Markets

Adobe (NASDAQ:ADBE) had its price target reduced by BMO Capital Markets from $600.00 to $570.00 in a research note published on Thursday,Benzinga reports. They currently have an outperform rating on the software company’s stock.

Several other analysts also recently commented on ADBE. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Thursday, December 5th. Finally, Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Performance

Shares of Adobe stock opened at $474.63 on Thursday. The company has a market cap of $208.93 billion, a P/E ratio of 38.28, a PEG ratio of 2.52 and a beta of 1.29. The business has a 50-day moving average price of $506.57 and a two-hundred day moving average price of $523.36. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.52 EPS. As a group, analysts anticipate that Adobe will post 14.82 EPS for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares in the company, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock valued at $18,069,669 in the last three months. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ADBE. Piscataqua Savings Bank raised its stake in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares in the last quarter. Legacy Investment Solutions LLC bought a new stake in Adobe during the third quarter worth about $26,000. Groupama Asset Managment increased its position in shares of Adobe by 28.8% during 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. purchased a new position in shares of Adobe during the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC boosted its stake in Adobe by 141.7% in 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 in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

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.