Bank of America Lowers Adobe (NASDAQ:ADBE) Price Target to $605.00

Adobe (NASDAQ:ADBE) had its target price cut by analysts at Bank of America from $640.00 to $605.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the software company’s stock. Bank of America‘s price target suggests a potential upside of 29.91% from the company’s previous close.

A number of other brokerages have also recently commented on ADBE. Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Thursday, December 5th. Deutsche Bank Aktiengesellschaft cut 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. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and cut their price target for the company from $625.00 to $550.00 in a report on Thursday. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from 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 ADBE opened at $465.69 on Thursday. The stock has a market capitalization of $205.00 billion, a PE ratio of 38.28, a P/E/G ratio of 2.51 and a beta of 1.29. The company’s fifty 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 quick ratio of 1.11 and a current ratio of 1.11. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping 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 firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the previous year, the firm posted $3.52 EPS. The business’s quarterly revenue was up 11.1% on a year-over-year basis. Sell-side analysts expect that Adobe will post 16.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock valued at $18,069,669 over the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds and other institutional investors have recently made changes to their positions in the business. 1ST Source Bank grew its stake in Adobe by 0.7% during the 3rd quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after buying an additional 20 shares during the last quarter. DGS Capital Management LLC grew its stake in shares of Adobe by 1.8% during the third quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock worth $1,261,000 after acquiring an additional 42 shares during the last quarter. Oddo BHF Asset Management Sas acquired a new position in shares of Adobe during the third quarter valued at about $14,622,000. Inspire Trust Co. N.A. raised its position in shares of Adobe by 9.1% in the 3rd quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock valued at $2,959,000 after purchasing an additional 475 shares during the last quarter. Finally, American Trust acquired a new stake in Adobe in the 3rd quarter worth approximately $1,057,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.