Barclays Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective cut by analysts at Barclays from $675.00 to $645.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the software company’s stock. Barclays‘s price objective would suggest a potential upside of 38.50% from the stock’s current price.

Several other analysts have also issued reports on ADBE. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Royal Bank of Canada lowered their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Stock Down 1.9 %

ADBE stock opened at $465.69 on Thursday. The company has a market cap of $205.00 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29. The firm has a 50-day moving average of $505.16 and a two-hundred day moving average of $522.95. Adobe has a 12 month low of $433.97 and a 12 month high of $638.25. 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 (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.52 earnings per share. As a group, analysts forecast that Adobe will post 16.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock worth $18,069,669 over the last ninety days. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter worth approximately $26,000. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares in the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter valued at about $30,000. True Wealth Design LLC raised its stake in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares in the last quarter. Finally, Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth approximately $33,000. 81.79% of the stock is currently 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.