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

Adobe (NASDAQ:ADBE) had its target price cut by stock analysts at Evercore ISI from $650.00 to $550.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Evercore ISI’s target price points to a potential upside of 39.33% from the company’s current price.

A number of other equities research analysts have also weighed in on ADBE. Morgan Stanley dropped their price target on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday. Oppenheimer dropped their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. UBS Group dropped their price target on Adobe from $475.00 to $460.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Barclays dropped their price target on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $539.46.

Adobe Price Performance

ADBE opened at $394.74 on Thursday. The business’s 50-day moving average is $437.03 and its two-hundred day moving average is $482.65. Adobe has a 1 year low of $374.50 and a 1 year high of $587.75. 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 firm has a market capitalization of $171.87 billion, a PE ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last posted 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 return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the firm earned $4.48 earnings per share. Research analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president now owns 18,334 shares in the company, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised its stake in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe in the 3rd quarter valued at $26,000. Groupama Asset Managment raised 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 valued at $27,000 after purchasing an additional 11,522 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at $28,000. Finally, Copia Wealth Management acquired a new position in Adobe in the 4th quarter valued at $28,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

About Adobe

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.