Sanford C. Bernstein Lowers Adobe (NASDAQ:ADBE) Price Target to $587.00

Adobe (NASDAQ:ADBE) had its price target lowered by equities research analysts at Sanford C. Bernstein from $644.00 to $587.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the software company’s stock. Sanford C. Bernstein’s price target would suggest a potential upside of 26.05% from the stock’s current price.

Several other research firms also recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday. Bank of America cut their target price on shares of Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research note on Thursday. Piper Sandler decreased their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Finally, TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and decreased their target price for the company from $625.00 to $550.00 in a report on Thursday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Trading Down 1.9 %

Shares of ADBE opened at $465.69 on Thursday. 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 price of $505.16 and a 200 day moving average price of $522.95. 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 P/E ratio of 37.56, a P/E/G ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating 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 company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same quarter in the previous year, the business earned $3.52 earnings per share. The company’s revenue for the quarter was up 11.1% on a year-over-year basis. Sell-side analysts forecast that Adobe will post 16.73 EPS for the current year.

Insider Activity at Adobe

In related news, Director Amy Banse sold 606 shares of Adobe stock in a transaction on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This represents a 7.51 % 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 worth $18,069,669 over the last quarter. 0.15% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently bought and sold shares of ADBE. Coronation Fund Managers Ltd. lifted its stake in shares of Adobe by 124.2% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after purchasing an additional 2,521 shares during the last quarter. Pure Financial Advisors LLC lifted its position in shares of Adobe by 17.7% in the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after buying an additional 161 shares during the last quarter. Rovin Capital UT ADV bought a new stake in shares of Adobe during the 2nd quarter worth about $404,000. Brookstone Capital Management increased its holdings in shares of Adobe by 8.1% during the 2nd quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after acquiring an additional 599 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC raised its stake in shares of Adobe by 5.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock valued at $23,185,000 after acquiring an additional 2,111 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

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.