Adobe (NASDAQ:ADBE) Rating Lowered to Buy at StockNews.com

StockNews.com cut shares of Adobe (NASDAQ:ADBE) from a strong-buy rating to a buy rating in a research note released on Tuesday.

Several other equities research analysts also recently weighed in on the company. DA Davidson reduced their price target on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research report on Thursday, December 12th. Oppenheimer decreased their target price on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research report on Thursday, December 12th. Stifel Nicolaus cut their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a report on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $570.88.

Adobe Stock Down 1.4 %

NASDAQ ADBE opened at $444.78 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 52 week low of $403.75 and a 52 week high of $587.75. The firm has a market capitalization of $193.61 billion, a price-to-earnings ratio of 35.87, a PEG ratio of 2.15 and a beta of 1.37. The company has a fifty day moving average of $439.51 and a two-hundred day moving average of $488.46.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The firm had revenue of $5.61 billion during the quarter, compared to analysts’ expectations of $5.54 billion. During the same period in the previous year, the company earned $3.52 EPS. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 3,819 shares of the 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 completion of the sale, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Ricks bought 2,250 shares of the company’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, 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

Several hedge funds and other institutional investors have recently modified their holdings of ADBE. Swedbank AB increased its position in shares of Adobe by 0.3% in the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock valued at $619,355,000 after acquiring an additional 3,739 shares during the period. Rational Advisors LLC purchased a new stake in Adobe during the 3rd quarter valued at about $518,000. Catalyst Capital Advisors LLC increased its holdings in shares of Adobe by 20.3% in the third quarter. Catalyst Capital Advisors LLC now owns 516 shares of the software company’s stock valued at $267,000 after purchasing an additional 87 shares during the period. Legacy CG LLC acquired a new position in shares of Adobe in the third quarter valued at about $2,989,000. Finally, Moloney Securities Asset Management LLC raised its stake in shares of Adobe by 28.9% in the third quarter. Moloney Securities Asset Management LLC now owns 7,562 shares of the software company’s stock worth $3,915,000 after purchasing an additional 1,695 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.