Adobe (NASDAQ:ADBE) Price Target Cut to $350.00 by Analysts at Evercore ISI

Adobe (NASDAQ:ADBEGet Rating) had its price target trimmed by Evercore ISI from $475.00 to $350.00 in a research report sent to investors on Friday, The Fly reports. The brokerage currently has an outperform rating on the software company’s stock.

ADBE has been the topic of several other research reports. StockNews.com downgraded Adobe from a buy rating to a hold rating in a research note on Thursday. Bank of America downgraded Adobe from a buy rating to a neutral rating and dropped their price objective for the company from $450.00 to $350.00 in a research note on Friday. UBS Group dropped their price objective on Adobe from $450.00 to $415.00 and set a neutral rating on the stock in a research note on Friday, June 17th. Robert W. Baird downgraded Adobe from an outperform rating to a neutral rating and dropped their price objective for the company from $450.00 to $355.00 in a research note on Friday. Finally, Royal Bank of Canada dropped their price objective on Adobe from $500.00 to $425.00 and set an outperform rating on the stock in a research note on Friday. Fourteen equities research 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 presently has a consensus rating of Moderate Buy and an average target price of $434.35.

Adobe Stock Performance

ADBE stock opened at $299.50 on Friday. The firm has a market cap of $140.17 billion, a PE ratio of 29.25, a P/E/G ratio of 2.05 and a beta of 1.14. 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 business has a 50 day moving average of $398.63 and a 200-day moving average of $409.38. Adobe has a 12-month low of $292.14 and a 12-month high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last released its earnings results on Thursday, September 15th. The software company reported $3.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.33 by $0.07. The company 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% on a year-over-year basis. During the same period in the prior year, the company posted $2.65 earnings per share. As a group, sell-side analysts expect that Adobe will post 10.98 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction 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 owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction 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 owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the firm’s stock in a transaction dated Friday, July 22nd. The shares were 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 in the company, valued at $1,010,033.75. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,637 shares of company stock worth $1,438,682. Corporate insiders own 0.23% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Adobe by 3.3% during the fourth quarter. BlackRock Inc. now owns 37,526,571 shares of the software company’s stock valued at $21,279,818,000 after buying an additional 1,212,093 shares during the last quarter. State Street Corp grew its stake in shares of Adobe by 3.4% during the fourth quarter. State Street Corp now owns 19,551,566 shares of the software company’s stock valued at $11,086,911,000 after buying an additional 643,656 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Adobe by 2.5% during the fourth quarter. Geode Capital Management LLC now owns 8,597,416 shares of the software company’s stock valued at $4,863,475,000 after buying an additional 211,062 shares during the last quarter. Polen Capital Management LLC grew its stake in shares of Adobe by 22.5% during the first quarter. Polen Capital Management LLC now owns 6,662,539 shares of the software company’s stock valued at $3,035,586,000 after buying an additional 1,222,654 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Adobe by 7.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 6,424,266 shares of the software company’s stock valued at $2,351,667,000 after buying an additional 435,380 shares during the last quarter. 80.75% of the stock is owned by institutional investors.

Adobe Company Profile

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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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