Adobe (NASDAQ:ADBE) Price Target Lowered to $318.00 at JPMorgan Chase & Co.

Adobe (NASDAQ:ADBE) had its target price lowered by JPMorgan Chase & Co. from $329.00 to $318.00 in a report released on Wednesday morning, BenzingaRatingsTable reports. JPMorgan Chase & Co. currently has a neutral rating on the software company’s stock.

Several other equities research analysts have also issued reports on ADBE. BMO Capital Markets raised their price target on shares of Adobe from $300.00 to $315.00 and gave the stock an outperform rating in a research note on Wednesday, June 19th. Canaccord Genuity raised their price target on shares of Adobe from $300.00 to $320.00 and gave the stock a buy rating in a research note on Wednesday, June 19th. Bank of America raised their price target on shares of Adobe from $312.00 to $323.00 and gave the stock a buy rating in a research note on Wednesday, June 19th. Barclays raised their price target on shares of Adobe from $304.00 to $330.00 and gave the stock an overweight rating in a research note on Wednesday, June 19th. Finally, Wedbush raised their price target on shares of Adobe from $270.00 to $290.00 and gave the stock a neutral rating in a research note on Wednesday, June 19th. One analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $302.65.

NASDAQ:ADBE opened at $277.91 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.74. The firm has a market cap of $135.79 billion, a price-to-earnings ratio of 45.86, a price-to-earnings-growth ratio of 2.54 and a beta of 1.11. Adobe has a 52 week low of $204.95 and a 52 week high of $313.11. The firm has a 50-day moving average price of $285.63 and a two-hundred day moving average price of $281.81.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, September 17th. The software company reported $2.05 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.97 by $0.08. The firm had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.82 billion. Adobe had a net margin of 26.10% and a return on equity of 30.49%. The company’s revenue for the quarter was up 23.7% on a year-over-year basis. During the same quarter last year, the business posted $1.73 EPS. As a group, sell-side analysts forecast that Adobe will post 6.3 earnings per share for the current year.

In related news, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total transaction of $921,390.00. The disclosure for this sale can be found here. Insiders sold a total of 25,627 shares of company stock valued at $7,471,484 over the last quarter. 0.32% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in ADBE. Marquette Asset Management LLC grew its stake in Adobe by 114.3% in the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock valued at $27,000 after buying an additional 48 shares in the last quarter. JNBA Financial Advisors grew its stake in Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after buying an additional 80 shares in the last quarter. Manchester Financial Inc. bought a new position in Adobe in the 2nd quarter valued at $28,000. Ellis Investment Partners LLC bought a new position in Adobe in the 2nd quarter valued at $30,000. Finally, Resources Investment Advisors LLC. boosted its holdings in Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after purchasing an additional 50 shares during the period. Institutional investors and hedge funds own 86.03% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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