Adobe (NASDAQ:ADBE) Lowered to Neutral at Bank of America

Bank of America cut shares of Adobe (NASDAQ:ADBEGet Rating) from a buy rating to a neutral rating in a research report sent to investors on Friday, Marketbeat Ratings reports. Bank of America currently has $350.00 price target on the software company’s stock, down from their prior price target of $450.00.

Several other equities analysts have also recently weighed in on the company. Morgan Stanley cut Adobe from an overweight rating to an equal weight rating and dropped their price objective for the company from $591.00 to $362.00 in a research note on Tuesday, June 21st. Citigroup raised their price objective on Adobe from $380.00 to $388.00 and gave the company a neutral rating in a research note on Thursday. Credit Suisse Group dropped their price objective on Adobe from $525.00 to $425.00 and set a neutral rating on the stock in a research note on Friday, June 17th. Barclays cut Adobe from an overweight rating to an equal weight rating and dropped their price objective for the company from $440.00 to $340.00 in a research note on Friday. Finally, Piper Sandler dropped their price objective on Adobe from $430.00 to $358.00 and set an overweight rating on the stock in a research note on Friday. Fourteen investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of Moderate Buy and a consensus target price of $434.35.

Adobe Price Performance

Shares of ADBE opened at $299.50 on Friday. Adobe has a 12-month low of $292.14 and a 12-month high of $699.54. The business’s fifty day moving average is $398.63 and its 200 day moving average is $409.38. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock has a market cap of $140.17 billion, a P/E ratio of 29.25, a P/E/G ratio of 2.05 and a beta of 1.14.

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

Insider Buying and Selling at Adobe

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

Institutional Trading of Adobe

A number of large investors have recently modified their holdings of the business. MUFG Securities EMEA plc lifted its position in Adobe by 27.9% in the 1st quarter. MUFG Securities EMEA plc now owns 4,563 shares of the software company’s stock worth $2,079,000 after buying an additional 996 shares during the last quarter. Select Equity Group L.P. bought a new stake in Adobe in the 1st quarter worth approximately $57,922,000. Vident Investment Advisory LLC lifted its position in Adobe by 17.7% in the 4th quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock worth $4,962,000 after buying an additional 1,318 shares during the last quarter. PFG Advisors lifted its position in Adobe by 8.1% in the 1st quarter. PFG Advisors now owns 4,403 shares of the software company’s stock worth $2,006,000 after buying an additional 330 shares during the last quarter. Finally, Mirova US LLC lifted its position in Adobe by 26.5% in the 1st quarter. Mirova US LLC now owns 606,103 shares of the software company’s stock worth $276,157,000 after buying an additional 126,810 shares during the last quarter. Institutional investors own 80.75% of the company’s stock.

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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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