Stifel Nicolaus Lowers Adobe (NASDAQ:ADBE) Price Target to $600.00

Adobe (NASDAQ:ADBE) had its target price cut by Stifel Nicolaus from $650.00 to $600.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the software company’s stock. Stifel Nicolaus’ price target would indicate a potential upside of 28.84% from the company’s current price.

Several other brokerages also recently weighed in on ADBE. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. TD Cowen lowered shares of Adobe from a “buy” rating to a “hold” rating and decreased their target price for the stock from $625.00 to $550.00 in a research note on Thursday. Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a report on Thursday, December 5th. Finally, Bank of America cut their price target on shares of Adobe from $640.00 to $605.00 and set a “buy” rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Trading Down 1.9 %

NASDAQ ADBE opened at $465.69 on Thursday. The stock has a market cap of $205.00 billion, a P/E ratio of 37.56, a P/E/G 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. Adobe has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a fifty day simple moving average of $505.16 and a two-hundred day simple moving average of $522.95.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The firm’s revenue 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, analysts forecast that Adobe will post 16.73 earnings per share for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total value of $786,144.60. Following the transaction, the executive vice president now owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. This trade represents a 7.51 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the sale, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,793 shares of company stock valued at $18,069,669 in the last three months. Corporate insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Piscataqua Savings Bank increased its stake in Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Adobe in the 3rd quarter worth approximately $26,000. Groupama Asset Managment raised its stake in Adobe by 28.8% during the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares in the last quarter. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe during the third quarter valued at about $30,000. Finally, True Wealth Design LLC raised its position 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 worth $30,000 after buying an additional 34 shares in the last quarter. 81.79% of the stock is currently 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.