Adobe (NASDAQ:ADBE) Price Target Cut to $644.00 by Analysts at Sanford C. Bernstein

Adobe (NASDAQ:ADBE) had its price objective reduced by Sanford C. Bernstein from $660.00 to $644.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an outperform rating on the software company’s stock.

ADBE has been the topic of several other reports. Mizuho reissued a buy rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Stifel Nicolaus boosted their price target on shares of Adobe from $600.00 to $650.00 and gave the stock a buy rating in a research note on Friday, September 6th. BMO Capital Markets raised their price objective on Adobe from $525.00 to $580.00 and gave the company an outperform rating in a research note on Friday, June 14th. JMP Securities reissued a market perform rating on shares of Adobe in a research note on Friday, June 14th. Finally, Oppenheimer increased their target price on Adobe from $580.00 to $625.00 and gave the company an outperform rating in a report on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $606.58.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $521.50 on Friday. Adobe has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $231.23 billion, a price-to-earnings ratio of 46.86, a PEG ratio of 3.03 and a beta of 1.29. The company’s fifty day moving average price is $552.68 and its 200-day moving average price is $519.46.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the business posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts anticipate that Adobe will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in ADBE. Sound View Wealth Advisors Group LLC grew its position in Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after purchasing an additional 17 shares during the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank increased its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Commonwealth Financial Services LLC raised its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the last quarter. Finally, Visionary Wealth Advisors lifted its position in Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares in 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.