BMO Capital Markets Cuts Adobe (NASDAQ:ADBE) Price Target to $570.00

Adobe (NASDAQ:ADBE) had its target price trimmed by BMO Capital Markets from $600.00 to $570.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

A number of other analysts have also recently commented on the company. Deutsche Bank Aktiengesellschaft reduced their price target on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. Oppenheimer restated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, TD Cowen cut shares of Adobe from a “buy” rating to a “hold” rating and lowered their target price for the company from $625.00 to $550.00 in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $465.69 on Thursday. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $205.00 billion, a price-to-earnings ratio of 37.56, a price-to-earnings-growth ratio of 2.51 and a beta of 1.29. 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 has a 50 day moving average of $505.16 and a 200 day moving average of $523.26.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.52 EPS. On average, research analysts anticipate that Adobe will post 16.73 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the completion of the sale, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,793 shares of company stock valued at $18,069,669 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. State Street Corp lifted its holdings in shares of Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC raised its position in Adobe by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock worth $5,435,377,000 after purchasing an additional 147,981 shares during the period. FMR LLC lifted its stake in Adobe by 8.8% in the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after buying an additional 93,143 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after buying an additional 140,390 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.