Adobe (NASDAQ:ADBE) Price Target Lowered to $625.00 at DA Davidson

Adobe (NASDAQ:ADBE) had its target price decreased by DA Davidson from $685.00 to $625.00 in a report issued on Thursday morning,Benzinga reports. DA Davidson currently has a buy rating on the software company’s stock.

A number of other analysts also recently issued reports on ADBE. Royal Bank of Canada dropped their price target on Adobe from $610.00 to $590.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler dropped their price target on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research note on Thursday. Mizuho reduced their price objective on Adobe from $640.00 to $620.00 and set an “outperform” rating on the stock in a research report on Thursday. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Jefferies Financial Group reduced their price target on shares of Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a research report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Performance

Shares of ADBE opened at $474.63 on Thursday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The stock’s 50-day simple moving average is $506.57 and its 200 day simple moving average is $523.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $208.93 billion, a price-to-earnings ratio of 38.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the previous year, the company earned $3.52 earnings per share. Adobe’s revenue for the quarter was up 11.1% on a year-over-year basis. Research analysts forecast that Adobe will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the sale, the director now directly owns 32,929 shares in the company, valued at approximately $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock valued at $18,069,669 over the last quarter. 0.15% of the stock is owned by company insiders.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently bought and sold shares of the business. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the last quarter. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the third quarter valued at approximately $26,000. Groupama Asset Managment lifted its position in Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after purchasing an additional 11,522 shares during the period. MidAtlantic Capital Management Inc. purchased a new stake in Adobe in the third quarter worth approximately $30,000. Finally, True Wealth Design LLC grew its position in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after purchasing an additional 34 shares during the period. 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.