StockNews.com Downgrades Adobe (NASDAQ:ADBE) to Buy

Adobe (NASDAQ:ADBE) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research note issued on Thursday.

Several other analysts also recently issued reports on the stock. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Piper Sandler dropped their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Wells Fargo & Company decreased their target price on Adobe from $700.00 to $640.00 and set an “overweight” rating for the company in a research note on Tuesday, January 7th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Thursday, December 12th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price objective (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Down 0.5 %

NASDAQ:ADBE traded down $2.30 during mid-day trading on Thursday, reaching $454.69. The stock had a trading volume of 2,335,866 shares, compared to its average volume of 3,589,955. The stock has a market cap of $197.93 billion, a P/E ratio of 36.67, a PEG ratio of 2.25 and a beta of 1.31. The business’s 50 day moving average is $440.89 and its 200 day moving average is $494.61. 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 has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

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

Insider Buying and Selling

In related news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. This trade represents a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now 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 have sold a total of 5,681 shares of company stock worth $2,525,126 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Institutional investors and hedge funds have recently modified their holdings of the business. State Street Corp boosted its position in shares of Adobe by 1.2% in the 3rd quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after purchasing an additional 234,909 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. FMR LLC grew its position in shares of Adobe by 8.8% during the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after buying an additional 787,356 shares during the period. Norges Bank bought a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

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.