Adobe (NASDAQ:ADBE) Receives “Hold” Rating from Deutsche Bank Aktiengesellschaft

Deutsche Bank Aktiengesellschaft reissued their hold rating on shares of Adobe (NASDAQ:ADBE) in a research report released on Wednesday, Marketbeat.com reports. The brokerage currently has a $475.00 price objective on the software company’s stock, down from their previous price objective of $600.00.

Other analysts have also issued research reports about the company. Barclays decreased their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Piper Sandler decreased their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Finally, Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $575.85.

Adobe Stock Performance

ADBE opened at $405.92 on Wednesday. The firm has a market capitalization of $178.69 billion, a P/E ratio of 32.74, a price-to-earnings-growth ratio of 2.51 and a beta of 1.31. The stock’s 50 day moving average price is $484.01 and its two-hundred day moving average price is $517.15. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe has a 12-month low of $405.32 and a 12-month high of $638.25.

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

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The trade was a 7.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 3,293 shares of company stock worth $1,679,809 over the last 90 days. 0.15% of the stock is owned by insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently modified their holdings of ADBE. Quest Partners LLC grew its holdings in shares of Adobe by 23.3% during the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 111 shares in the last quarter. Headlands Technologies LLC grew its holdings in shares of Adobe by 18.9% during the second quarter. Headlands Technologies LLC now owns 5,512 shares of the software company’s stock worth $3,062,000 after buying an additional 878 shares in the last quarter. Angeles Wealth Management LLC grew its holdings in shares of Adobe by 27.2% during the second quarter. Angeles Wealth Management LLC now owns 1,818 shares of the software company’s stock worth $1,010,000 after buying an additional 389 shares in the last quarter. Blue Square Asset Management LLC grew its holdings in shares of Adobe by 35.0% during the second quarter. Blue Square Asset Management LLC now owns 4,768 shares of the software company’s stock worth $2,649,000 after buying an additional 1,235 shares in the last quarter. Finally, Greenwood Gearhart Inc. grew its holdings in shares of Adobe by 3.5% during the second quarter. Greenwood Gearhart Inc. now owns 18,138 shares of the software company’s stock worth $10,076,000 after buying an additional 610 shares in the last quarter. 81.79% of the stock is currently 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.