Sanford C. Bernstein Trims Adobe (NASDAQ:ADBE) Target Price to $644.00

Adobe (NASDAQ:ADBE) had its price target reduced by Sanford C. Bernstein from $660.00 to $644.00 in a research note released on Friday, Benzinga reports. They currently have an outperform rating on the software company’s stock.

A number of other equities analysts also recently issued reports on the company. KeyCorp upped their price target on Adobe from $445.00 to $450.00 and gave the company an underweight rating in a report on Friday, June 14th. JPMorgan Chase & Co. upgraded shares of Adobe from a neutral rating to an overweight rating and upped their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Mizuho reaffirmed a buy rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the company a buy rating in a research report on Friday, September 6th. Finally, Oppenheimer raised their price objective on Adobe from $580.00 to $625.00 and gave the stock an outperform rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of Moderate Buy and an average price target of $606.58.

Adobe Trading Down 8.5 %

Shares of NASDAQ:ADBE opened at $536.87 on Friday. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s 50 day moving average is $553.76 and its two-hundred day moving average is $519.73. The company has a market cap of $238.05 billion, a PE ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.26 earnings per share. Equities analysts predict that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sound View Wealth Advisors Group LLC increased its position in shares of Adobe by 2.5% in the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after buying an additional 17 shares in the last quarter. Onyx Bridge Wealth Group LLC grew its stake in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the last quarter. HTLF Bank increased its holdings in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the last quarter. Finally, Visionary Wealth Advisors lifted its holdings in shares of Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

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.