Adobe (NASDAQ:ADBE) Cut to Buy at StockNews.com

StockNews.com lowered shares of Adobe (NASDAQ:ADBE) from a strong-buy rating to a buy rating in a research report released on Monday morning.

ADBE has been the topic of several other research reports. Sanford C. Bernstein lowered their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. Mizuho dropped their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Wells Fargo & Company dropped their price objective on Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Finally, UBS Group decreased their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating for the company in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $573.00.

Adobe Price Performance

NASDAQ ADBE opened at $437.32 on Monday. The company has a 50-day moving average price of $473.26 and a two-hundred day moving average price of $510.05. The stock has a market cap of $190.37 billion, a price-to-earnings ratio of 35.27, a price-to-earnings-growth ratio of 2.08 and a beta of 1.31. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 52 week low of $403.75 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same period last year, the firm earned $3.52 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. Analysts forecast that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling

In other news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The stock was 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 directly owns 2,715 shares in the company, valued at $1,316,693.55. The trade was a 19.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on 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 sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,763 shares of company stock worth $893,665. 0.15% of the stock is owned by company insiders.

Institutional Trading of Adobe

A number of institutional investors have recently added to or reduced their stakes in the business. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the 3rd quarter valued at $26,000. Piscataqua Savings Bank lifted its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the 3rd quarter worth about $30,000. True Wealth Design LLC increased its holdings in shares of Adobe by 141.7% during the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new position in shares of Adobe in the 3rd quarter valued at approximately $36,000. 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.