Bank of America Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE - Get Free Report) had its target price reduced by investment analysts at Bank of America from $605.00 to $528.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the software company's stock. Bank of America's target price suggests a potential upside of 20.38% from the stock's current price.

ADBE has been the subject of a number of other reports. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $475.00 price objective (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Royal Bank of Canada lowered their price target on Adobe from $590.00 to $550.00 and set an "outperform" rating for the company in a research note on Friday, March 7th. Barclays reduced their price objective on shares of Adobe from $675.00 to $645.00 and set an "overweight" rating on the stock in a research note on Thursday, December 12th. Mizuho lowered their target price on shares of Adobe from $640.00 to $620.00 and set an "outperform" rating for the company in a research note on Thursday, December 12th. Finally, BMO Capital Markets cut their target price on shares of Adobe from $570.00 to $515.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and an average target price of $553.88.

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Adobe Trading Up 1.1 %

Shares of ADBE opened at $438.60 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $190.97 billion, a price-to-earnings ratio of 35.37, a PEG ratio of 2.15 and a beta of 1.37. The stock has a fifty day moving average price of $439.01 and a two-hundred day moving average price of $484.54. Adobe has a 52-week low of $403.75 and a 52-week high of $587.75.

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

Insider Buying and Selling at Adobe

In related news, CAO Jillian Forusz sold 334 shares of the firm's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company's stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Ricks acquired 2,250 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the transaction, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 5,075 shares of company stock worth $2,191,826. Corporate insiders own 0.15% of the company's stock.

Hedge Funds Weigh In On Adobe

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Connable Office Inc. grew its position in shares of Adobe by 0.5% during the 3rd quarter. Connable Office Inc. now owns 3,732 shares of the software company's stock valued at $1,932,000 after acquiring an additional 20 shares during the period. 1ST Source Bank lifted its stake in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company's stock valued at $1,496,000 after purchasing an additional 20 shares during the last quarter. Holistic Financial Partners grew its holdings in Adobe by 6.0% during the third quarter. Holistic Financial Partners now owns 387 shares of the software company's stock valued at $200,000 after purchasing an additional 22 shares during the period. Sepio Capital LP increased its position in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after buying an additional 22 shares during the last quarter. Finally, Cadence Bank raised its stake in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. 81.79% of the stock is owned by hedge funds and other 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.

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