Jefferies Financial Group Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE - Free Report) had its target price trimmed by Jefferies Financial Group from $650.00 to $590.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the software company's stock.

Other equities research analysts have also recently issued reports about the company. JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada reissued an "outperform" rating and set a $530.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Morgan Stanley cut their price objective on shares of Adobe from $660.00 to $600.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Citigroup lowered their target price on shares of Adobe from $551.00 to $490.00 and set a "neutral" rating for the company in a research note on Monday, March 10th. Finally, DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a "buy" rating on the stock in a research report on Thursday, December 12th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $531.54.

Remove Ads

Adobe Trading Down 3.7 %

ADBE traded down $14.33 during trading hours on Monday, reaching $371.45. 2,836,039 shares of the company's stock traded hands, compared to its average volume of 3,327,223. The firm has a 50-day moving average price of $428.78 and a 200 day moving average price of $465.84. The firm has a market capitalization of $158.31 billion, a PE ratio of 29.96, a PEG ratio of 2.15 and a beta of 1.49. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 52-week low of $367.96 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe will post 16.65 EPS for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 3,819 shares of the firm's stock in a transaction dated Monday, January 27th. The stock was 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 in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.16% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

Several large investors have recently modified their holdings of the stock. United Bank lifted its position in shares of Adobe by 19.7% during the 3rd quarter. United Bank now owns 2,596 shares of the software company's stock valued at $1,344,000 after acquiring an additional 428 shares during the period. Edgestream Partners L.P. purchased a new stake in Adobe during the third quarter worth $719,000. Tradition Wealth Management LLC grew its holdings in Adobe by 2.8% in the third quarter. Tradition Wealth Management LLC now owns 2,646 shares of the software company's stock valued at $1,370,000 after purchasing an additional 73 shares during the last quarter. True Wealth Design LLC increased its position in shares of Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company's stock valued at $30,000 after buying an additional 34 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new stake in Adobe in the 3rd quarter valued at about $81,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

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.