BMO Capital Markets Cuts Adobe (NASDAQ:ADBE) Price Target to $515.00

Adobe (NASDAQ:ADBE) had its price target reduced by analysts at BMO Capital Markets from $570.00 to $515.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the software company’s stock. BMO Capital Markets’ price objective would indicate a potential upside of 12.86% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. UBS Group decreased their price objective on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Oppenheimer decreased their price target on shares of Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Redburn Atlantic assumed coverage on Adobe in a research note on Wednesday. They set a “neutral” rating on the stock. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a report on Tuesday, January 28th. Finally, Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $570.88.

Adobe Price Performance

Shares of ADBE traded down $7.80 during trading hours on Wednesday, hitting $456.31. 1,261,920 shares of the company were exchanged, compared to its average volume of 3,574,747. Adobe has a one year low of $403.75 and a one year high of $587.75. The firm has a fifty day simple moving average of $443.14 and a 200-day simple moving average of $495.16. The company has a market capitalization of $198.63 billion, a PE ratio of 36.80, a PEG ratio of 2.23 and a beta of 1.31. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $3.52 earnings per share. The business’s quarterly revenue was up 11.1% on a year-over-year basis. As a group, sell-side analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 3,819 shares of the stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the completion of the sale, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,681 shares of company stock valued at $2,525,126 in the last three months. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Swedbank AB grew its stake in shares of Adobe by 0.3% in the third quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after buying an additional 3,739 shares in the last quarter. Raleigh Capital Management Inc. increased its stake in shares of Adobe by 6.4% in the third quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock valued at $433,000 after purchasing an additional 50 shares during the period. Sequoia Financial Advisors LLC increased its position in Adobe by 8.7% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock valued at $4,223,000 after acquiring an additional 654 shares during the period. Pictet North America Advisors SA grew its stake in shares of Adobe by 798.8% in the third quarter. Pictet North America Advisors SA now owns 5,033 shares of the software company’s stock worth $2,606,000 after purchasing an additional 4,473 shares in the last quarter. Finally, Tempus Wealth Planning LLC grew its position in Adobe by 6.6% in the 3rd quarter. Tempus Wealth Planning LLC now owns 402 shares of the software company’s stock valued at $208,000 after buying an additional 25 shares in the last quarter. Hedge funds and other institutional investors 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.