Adobe (NASDAQ:ADBE) Price Target Lowered to $337.00 at Morgan Stanley

Adobe (NASDAQ:ADBEGet Rating) had its price objective cut by Morgan Stanley from $362.00 to $337.00 in a research report released on Friday morning, The Fly reports. The brokerage currently has an equal weight rating on the software company’s stock.

Several other research analysts have also recently commented on the stock. Royal Bank of Canada decreased their target price on shares of Adobe from $500.00 to $425.00 and set an outperform rating for the company in a research report on Friday. Cowen decreased their target price on shares of Adobe from $550.00 to $520.00 and set an outperform rating for the company in a research report on Friday, June 17th. Barclays lowered shares of Adobe from an overweight rating to an equal weight rating and reduced their price target for the stock from $440.00 to $340.00 in a research note on Friday. Evercore ISI reduced their price target on shares of Adobe from $650.00 to $475.00 and set an outperform rating for the company in a research note on Friday, June 17th. Finally, Wells Fargo & Company reduced their price target on shares of Adobe from $525.00 to $425.00 and set an overweight rating for the company in a research note on Friday, June 17th. Fourteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of Moderate Buy and an average price target of $434.35.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $299.50 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. Adobe has a fifty-two week low of $292.14 and a fifty-two week high of $699.54. The firm has a 50-day simple moving average of $398.63 and a 200 day simple moving average of $409.38. The company 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.

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

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Adobe news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction that occurred on 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 transaction, the executive vice president now owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 transaction of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares in the company, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,637 shares of company stock worth $1,438,682. 0.23% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Equitable Holdings Inc. boosted its holdings in Adobe by 53.9% in the 4th quarter. Equitable Holdings Inc. now owns 2,569 shares of the software company’s stock valued at $1,457,000 after purchasing an additional 900 shares during the period. Advisor Resource Council lifted its holdings in shares of Adobe by 197.1% during the 4th quarter. Advisor Resource Council now owns 1,658 shares of the software company’s stock worth $940,000 after acquiring an additional 1,100 shares during the period. Sequoia Financial Advisors LLC lifted its holdings in shares of Adobe by 177.2% during the 4th quarter. Sequoia Financial Advisors LLC now owns 2,550 shares of the software company’s stock worth $1,446,000 after acquiring an additional 1,630 shares during the period. Summit Trail Advisors LLC lifted its holdings in shares of Adobe by 11.0% during the 4th quarter. Summit Trail Advisors LLC now owns 1,498 shares of the software company’s stock worth $849,000 after acquiring an additional 148 shares during the period. Finally, Eagle Asset Management Inc. lifted its holdings in shares of Adobe by 2.2% during the 4th quarter. Eagle Asset Management Inc. now owns 23,591 shares of the software company’s stock worth $13,459,000 after acquiring an additional 514 shares during the period. 80.75% of the stock is currently owned by institutional investors and hedge funds.

About Adobe

(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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