DA Davidson Cuts Adobe (NASDAQ:ADBE) Price Target to $625.00

Adobe (NASDAQ:ADBE) had its price target reduced by DA Davidson from $685.00 to $625.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the software company’s stock.

ADBE has been the subject of a number of other reports. Royal Bank of Canada decreased 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. Mizuho decreased their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research report on Thursday. UBS Group lowered their target price on Adobe from $550.00 to $525.00 and set a “neutral” rating on the stock in a research note on Thursday. Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Stifel Nicolaus lowered their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a research report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $465.69 on Thursday. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a market cap of $205.00 billion, a PE ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. The stock’s fifty day simple moving average is $505.16 and its two-hundred day simple moving average is $523.26. 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 results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. During the same period last year, the firm earned $3.52 earnings per share. The firm’s revenue was up 11.1% on a year-over-year basis. As a group, analysts forecast that Adobe will post 16.73 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction 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 approximately $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock worth $18,069,669 over the last three months. 0.15% of the stock is owned by insiders.

Institutional Trading of Adobe

Hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in shares of Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after acquiring an additional 1,376,333 shares during the period. Longview Partners Guernsey LTD bought a new stake in shares of Adobe in the second quarter worth about $663,745,000. FMR LLC increased its holdings in Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares during the period. Liberty Wealth Management LLC raised its position in Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in Adobe by 982.4% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock worth $300,919,000 after buying an additional 491,627 shares during the period. 81.79% of the stock is owned by 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.