Mizuho Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective dropped by stock analysts at Mizuho from $640.00 to $620.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Mizuho’s target price would suggest a potential upside of 33.14% from the company’s previous close.

Several other equities analysts have also weighed in on ADBE. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. UBS Group dropped their price target on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. BMO Capital Markets reduced their price objective on Adobe from $600.00 to $570.00 and set an “outperform” rating for the company in a research note on Thursday. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Thursday, December 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

ADBE stock opened at $465.69 on Thursday. The firm has a market cap of $205.00 billion, a PE ratio of 38.28, 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 stock has a 50-day moving average price of $505.99 and a 200-day moving average price of $523.02. Adobe has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The business had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. The firm’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, equities research analysts expect that Adobe will post 16.73 earnings per share for the current year.

Insider Buying and Selling at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The shares were 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 in the company, valued at approximately $186,569,166. This represents a 6.53 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,793 shares of company stock valued at $18,069,669. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Large investors have recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock worth $713,703,000 after purchasing an additional 1,376,333 shares in the last quarter. Longview Partners Guernsey LTD purchased a new position in Adobe during the 2nd quarter valued at about $663,745,000. FMR LLC increased its position in shares of Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after buying an additional 787,356 shares during the period. Liberty Wealth Management LLC lifted its holdings in shares of Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after buying an additional 571,615 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in shares of Adobe by 982.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 541,670 shares of the software company’s stock valued at $300,919,000 after acquiring an additional 491,627 shares during the period. 81.79% of the stock is owned by 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.