Evercore ISI Lowers Adobe (NASDAQ:ADBE) Price Target to $550.00

Adobe (NASDAQ:ADBE) had its price target lowered by research analysts at Evercore ISI from $650.00 to $550.00 in a report issued on Thursday,Benzinga reports. The firm presently has an “outperform” rating on the software company’s stock. Evercore ISI’s price target would indicate a potential upside of 43.17% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. Morgan Stanley decreased their target price on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating for the company in a report on Thursday. Redburn Atlantic assumed coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. DA Davidson reduced their price target on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. Finally, Stifel Nicolaus cut their price objective on Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. One 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’s stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $544.65.

Adobe Stock Performance

Shares of ADBE stock traded down $54.44 during trading hours on Thursday, reaching $384.16. The stock had a trading volume of 5,878,117 shares, compared to its average volume of 3,483,259. The firm has a 50-day simple moving average of $439.01 and a 200-day simple moving average of $484.54. Adobe has a twelve month low of $386.30 and a twelve month high of $587.75. The firm has a market capitalization of $167.27 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37. 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, March 12th. The software company reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. As a group, equities analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Activity

In other Adobe news, Director David A. Ricks purchased 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 purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Jillian Forusz sold 334 shares of Adobe stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total transaction of $145,567.22. Following the transaction, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,075 shares of company stock valued at $2,191,826 in the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Hedge funds have recently modified their holdings of the stock. PKO Investment Management Joint Stock Co bought a new position in Adobe during the 4th quarter worth $7,115,000. Northstar Financial Companies Inc. acquired a new position in shares of Adobe in the fourth quarter valued at about $241,000. Centaurus Financial Inc. increased its position in Adobe by 34.8% during the fourth quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock worth $1,606,000 after acquiring an additional 932 shares during the period. Lighthouse Financial LLC bought a new stake in Adobe in the 4th quarter valued at about $218,000. Finally, Copia Wealth Management acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

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.