Adobe (NASDAQ:ADBE) Downgraded by Oppenheimer to “Market Perform”

Oppenheimer lowered shares of Adobe (NASDAQ:ADBEGet Rating) from an outperform rating to a market perform rating in a research note published on Thursday morning, Marketbeat Ratings reports.

Several other research firms have also issued reports on ADBE. Wells Fargo & Company lowered their price target on Adobe from $525.00 to $425.00 and set an overweight rating for the company in a research report on Friday, June 17th. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $500.00 in a report on Friday, June 17th. Piper Sandler reduced their price objective on Adobe from $545.00 to $430.00 and set an overweight rating for the company in a report on Friday, June 17th. StockNews.com downgraded Adobe from a buy rating to a hold rating in a report on Thursday. Finally, UBS Group reduced their price objective on Adobe from $450.00 to $415.00 and set a neutral rating for the company in a report on Friday, June 17th. Eleven equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $486.73.

Adobe Price Performance

ADBE opened at $309.13 on Thursday. The stock has a 50-day moving average price of $400.27 and a 200-day moving average price of $410.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $144.67 billion, a PE ratio of 30.19, a P/E/G ratio of 2.03 and a beta of 1.14. Adobe has a 1 year low of $305.00 and a 1 year high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings results on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.33 by $0.07. The firm had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.44 billion. Adobe had a return on equity of 36.70% and a net margin of 29.29%. Adobe’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.65 EPS. Sell-side analysts predict that Adobe will post 10.98 earnings per share for the current fiscal year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 132 shares of the business’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total value of $1,066,995.38. Following the transaction, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total value of $54,087.00. Following the sale, the chief accounting officer now directly owns 2,465 shares in the company, valued at $1,010,033.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is owned by company insiders.

Institutional Trading of Adobe

Hedge funds have recently modified their holdings of the company. Grayhawk Investment Strategies Inc. purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $25,000. Delos Wealth Advisors LLC raised its holdings in shares of Adobe by 169.6% during the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after acquiring an additional 39 shares in the last quarter. Oliver Lagore Vanvalin Investment Group purchased a new stake in shares of Adobe during the 1st quarter worth approximately $31,000. Better Money Decisions LLC purchased a new stake in shares of Adobe during the 2nd quarter worth approximately $29,000. Finally, Ulland Investment Advisors LLC raised its holdings in shares of Adobe by 60.0% during the 1st quarter. Ulland Investment Advisors LLC now owns 80 shares of the software company’s stock worth $36,000 after acquiring an additional 30 shares in the last quarter. 80.75% of the stock is owned by hedge funds and other institutional investors.

Adobe Company Profile

(Get Rating)

Adobe Inc 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.

Further Reading

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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