Citigroup Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its target price cut by investment analysts at Citigroup from $551.00 to $490.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. Citigroup’s target price indicates a potential upside of 11.87% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. TD Cowen lowered Adobe from a “buy” rating to a “hold” rating and reduced their target price for the stock from $625.00 to $550.00 in a report on Thursday, December 12th. Wells Fargo & Company lowered their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating on the stock in a research report on Friday. UBS Group lowered 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. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $563.96.

Adobe Price Performance

Shares of Adobe stock traded down $11.38 during trading on Monday, hitting $438.02. The stock had a trading volume of 2,126,767 shares, compared to its average volume of 3,360,286. The business has a fifty day moving average of $439.56 and a two-hundred day moving average of $486.60. The firm has a market cap of $190.72 billion, a P/E ratio of 35.32, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a fifty-two week low of $403.75 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.61 billion during the quarter, compared to analyst estimates of $5.54 billion. During the same quarter last year, the firm posted $3.52 EPS. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other news, CAO Jillian Forusz sold 334 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 3,819 shares of the firm’s stock in a transaction on Monday, January 27th. The shares were 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 of the company’s stock, valued at $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Large investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC purchased a new position in shares of Adobe during the 3rd quarter worth about $26,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $30,000. True Wealth Design LLC raised its stake in Adobe by 141.7% in the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Copia Wealth Management bought a new stake in Adobe during the 4th quarter valued at $28,000. Finally, SWAN Capital LLC bought a new stake in Adobe during the fourth quarter valued at about $28,000. 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.