Stifel Nicolaus Cuts Adobe (NASDAQ:ADBE) Price Target to $525.00

Adobe (NASDAQ:ADBE) had its target price decreased by Stifel Nicolaus from $600.00 to $525.00 in a research report released on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the software company’s stock.

Several other equities analysts also recently weighed in on ADBE. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. Piper Sandler reduced their target price on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. UBS Group reduced their target price on shares of Adobe from $475.00 to $460.00 and set a “neutral” rating for the company in a research note on Thursday. Barclays reduced their target price on shares of Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Finally, Bank of America reduced their target price on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $540.60.

Adobe Stock Up 4.5 %

Adobe stock opened at $394.74 on Thursday. Adobe has a 1-year low of $374.50 and a 1-year high of $587.75. The firm has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. The firm’s fifty day moving average price is $437.03 and its two-hundred day moving average price is $482.06. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion for the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the firm earned $4.48 earnings per share. On average, equities research analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The stock was purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the sale, the executive vice president now owns 18,334 shares of the company’s stock, valued at $7,888,020.16. This trade represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Large investors have recently made changes to their positions in the stock. Legacy Investment Solutions LLC purchased a new position in shares of Adobe in the 3rd quarter valued at about $26,000. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the 3rd quarter valued at about $30,000. True Wealth Design LLC increased its holdings in 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 in the last quarter. Copia Wealth Management purchased a new position in Adobe during the 4th quarter valued at about $28,000. Finally, SWAN Capital LLC purchased a new position in Adobe during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

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.