BMO Capital Markets Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective cut by BMO Capital Markets from $570.00 to $515.00 in a report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the software company’s stock.

ADBE has been the topic of several other research reports. Piper Sandler cut their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Sanford C. Bernstein reduced their target price on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. UBS Group reduced their target price on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a report on Friday, January 3rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 target price on shares of Adobe in a report on Thursday, February 13th. Finally, Jefferies Financial Group reduced their target price on Adobe from $700.00 to $650.00 and set a “buy” 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 assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Trading Down 2.3 %

NASDAQ:ADBE opened at $444.32 on Wednesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a one year low of $403.75 and a one year high of $587.75. The business’s 50-day simple moving average is $440.46 and its 200 day simple moving average is $494.16. The stock has a market cap of $193.41 billion, a price-to-earnings ratio of 35.83, a price-to-earnings-growth ratio of 2.21 and a beta of 1.31.

Adobe (NASDAQ:ADBE) last released its quarterly 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 return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the firm posted $3.52 earnings per share. The company’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction 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 trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Ricks purchased 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The shares were purchased at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 5,681 shares of company stock worth $2,525,126 in the last three months. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Several hedge funds have recently modified their holdings of the company. Swedbank AB boosted its stake in shares of Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. Raleigh Capital Management Inc. raised its holdings in Adobe by 6.4% during the third quarter. Raleigh Capital Management Inc. now owns 836 shares of the software company’s stock valued at $433,000 after buying an additional 50 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in Adobe by 8.7% during the third quarter. Sequoia Financial Advisors LLC now owns 8,157 shares of the software company’s stock valued at $4,223,000 after buying an additional 654 shares in the last quarter. Pictet North America Advisors SA raised its holdings in Adobe by 798.8% during the third quarter. Pictet North America Advisors SA now owns 5,033 shares of the software company’s stock valued at $2,606,000 after buying an additional 4,473 shares in the last quarter. Finally, Tempus Wealth Planning LLC raised its holdings in Adobe by 6.6% during the third 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. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.