BMO Capital Markets Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price lowered by equities research analysts at BMO Capital Markets from $600.00 to $570.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price target suggests a potential upside of 22.40% from the company’s previous close.

Other equities research analysts have also issued reports about the stock. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Bank of America restated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Deutsche Bank Aktiengesellschaft decreased their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday. Finally, Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Adobe Trading Down 1.9 %

Shares of NASDAQ:ADBE opened at $465.69 on Thursday. The business’s 50-day moving average is $505.99 and its 200 day moving average is $523.02. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $205.00 billion, a P/E ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate 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 revenue was up 11.1% on a year-over-year basis. During the same period last year, the firm posted $3.52 EPS. On average, research analysts predict that Adobe will post 16.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Amy Banse sold 606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock valued at $18,069,669 over the last quarter. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently modified their holdings of the company. Piscataqua Savings Bank grew its stake in shares of Adobe by 226.7% in the third 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. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter worth $26,000. Groupama Asset Managment increased its holdings in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in Adobe in the 3rd quarter valued at about $30,000. Finally, True Wealth Design LLC boosted its stake in shares of Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 34 shares during the period. 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.