Adobe (NASDAQ:ADBE) Given New $540.00 Price Target at JPMorgan Chase & Co.

Adobe (NASDAQ:ADBE) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $580.00 to $540.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the software company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 36.80% from the company’s previous close.

A number of other brokerages have also weighed in on ADBE. Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. DA Davidson lowered their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Robert W. Baird lowered their price objective on shares of Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a report on Thursday. Evercore ISI lowered their price objective on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Jefferies Financial Group decreased their target price on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $539.46.

Adobe Trading Up 4.5 %

Shares of Adobe stock opened at $394.74 on Thursday. Adobe has a 1 year low of $374.50 and a 1 year high of $587.75. The firm has a market cap of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50 day simple moving average of $437.03 and a two-hundred day simple moving average of $482.65.

Adobe (NASDAQ:ADBE) last announced its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period in the previous year, the business posted $4.48 earnings per share. Analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the sale, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Ricks bought 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock valued at $2,191,826 in the last three months. 0.16% of the stock is currently owned by company insiders.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently modified their holdings of the business. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the period. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter worth about $26,000. Groupama Asset Managment boosted its stake in Adobe by 28.8% in 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 in the last quarter. SWAN Capital LLC bought a new position in Adobe in the 4th quarter worth about $28,000. Finally, Copia Wealth Management bought a new position in Adobe in the 4th quarter worth about $28,000. 81.79% of the stock is 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.