Jefferies Financial Group Cuts Adobe (NASDAQ:ADBE) Price Target to $650.00

Adobe (NASDAQ:ADBE) had its price objective cut by Jefferies Financial Group from $700.00 to $650.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the software company’s stock.

Several other equities research analysts have also recently weighed in on ADBE. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. BMO Capital Markets increased their price target on shares of Adobe from $580.00 to $600.00 and gave the company an “outperform” rating in a report on Friday, December 6th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Finally, Barclays lifted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two 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 stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $584.88.

Adobe Stock Performance

NASDAQ:ADBE opened at $465.69 on Thursday. The firm has a market capitalization of $205.00 billion, a PE ratio of 37.56, a PEG ratio of 2.51 and a beta of 1.29. Adobe has a 1 year low of $433.97 and a 1 year high of $638.25. 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 firm’s fifty day simple moving average is $505.16 and its 200 day simple moving average is $523.26.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe will post 16.73 EPS for the current year.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,793 shares of company stock valued at $18,069,669. Corporate insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several hedge funds have recently modified their holdings of ADBE. Piscataqua Savings Bank boosted its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the last quarter. Legacy Investment Solutions LLC acquired a new position in Adobe during the 3rd quarter valued at about $26,000. Groupama Asset Managment boosted its stake in shares of 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. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe during the 3rd quarter worth approximately $30,000. Finally, True Wealth Design LLC raised its stake in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.