Stifel Nicolaus Cuts Adobe (NASDAQ:ADBE) Price Target to $525.00

Adobe (NASDAQ:ADBE) had its price objective lowered by equities researchers at Stifel Nicolaus from $600.00 to $525.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 33.00% from the company’s previous close.

A number of other analysts have also commented on ADBE. BMO Capital Markets cut their price target on Adobe from $515.00 to $495.00 and set an “outperform” rating on the stock in a report on Thursday. Wells Fargo & Company lowered their target price on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday, March 7th. Morgan Stanley lowered their target price on Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday. Piper Sandler lowered their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $539.46.

Adobe Stock Performance

Shares of Adobe stock opened at $394.74 on Thursday. The firm has a market cap of $171.87 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The stock’s 50-day moving average is $437.03 and its 200-day moving average is $482.65. Adobe has a one year low of $374.50 and a one 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.

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

Insider Activity

In related news, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 922 shares of the company’s stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares of the company’s stock, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is owned by insiders.

Institutional Trading of Adobe

A number of large investors have recently bought and sold shares of the business. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the 3rd quarter worth approximately $26,000. Groupama Asset Managment increased its stake in shares of 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 last quarter. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter worth approximately $28,000. Finally, Copia Wealth Management purchased a new position in Adobe in the 4th quarter valued at approximately $28,000. 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.