Adobe (NASDAQ:ADBE) Price Target Lowered to $650.00 at Jefferies Financial Group

Adobe (NASDAQ:ADBE) had its price objective trimmed by Jefferies Financial Group from $700.00 to $650.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the software company’s stock.

Other analysts also recently issued reports about the stock. Piper Sandler reissued an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Thursday, December 5th. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $584.88.

Adobe Stock Down 13.7 %

Adobe stock opened at $474.63 on Thursday. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a market cap of $208.93 billion, a PE ratio of 38.28, a PEG ratio of 2.52 and a beta of 1.29. 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 business’s 50-day simple moving average is $506.57 and its two-hundred day simple moving average is $523.36.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. The firm had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.52 earnings per share. Equities analysts anticipate that Adobe will post 14.82 EPS for the current year.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This represents a 6.53 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,793 shares of company stock worth $18,069,669 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ADBE. Coronation Fund Managers Ltd. lifted its stake in shares of Adobe by 124.2% during the second quarter. Coronation Fund Managers Ltd. now owns 4,551 shares of the software company’s stock valued at $2,528,000 after buying an additional 2,521 shares during the period. Pure Financial Advisors LLC boosted its holdings in shares of Adobe by 17.7% during the second quarter. Pure Financial Advisors LLC now owns 1,072 shares of the software company’s stock worth $596,000 after purchasing an additional 161 shares during the last quarter. Rovin Capital UT ADV purchased a new stake in shares of Adobe in the second quarter valued at $404,000. Brookstone Capital Management increased its stake in Adobe by 8.1% in the second quarter. Brookstone Capital Management now owns 8,004 shares of the software company’s stock valued at $4,507,000 after purchasing an additional 599 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC lifted its position in Adobe by 5.4% during the second quarter. Foster Victor Wealth Advisors LLC now owns 40,923 shares of the software company’s stock worth $23,185,000 after buying an additional 2,111 shares during the period. Institutional investors and hedge funds 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.