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

Adobe (NASDAQ:ADBE) had its price objective lowered by Oppenheimer from $625.00 to $600.00 in a research note issued to investors on Thursday morning,Benzinga reports. Oppenheimer currently has an outperform rating on the software company’s stock.

A number of other brokerages have also issued reports on ADBE. Bank of America dropped their target price on Adobe from $640.00 to $605.00 and set a “buy” rating on the stock in a research report on Thursday. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Thursday, December 5th. BMO Capital Markets cut their target price on Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday. TD Cowen downgraded shares of Adobe from a “buy” rating to a “hold” rating and decreased their price target for the stock from $625.00 to $550.00 in a research report on Thursday. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Stock Performance

Adobe stock opened at $465.69 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a one year low of $433.97 and a one year high of $638.25. The stock’s 50 day moving average price is $505.16 and its 200 day moving average price is $523.26. The firm has a market capitalization of $205.00 billion, a PE ratio of 37.56, a price-to-earnings-growth 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, topping analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $3.52 earnings per share. As a group, sell-side analysts expect that Adobe will post 16.73 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, Director Amy Banse sold 606 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,793 shares of company stock worth $18,069,669. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

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

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.