Adobe (NASDAQ:ADBE) Price Target Lowered to $340.00 at Wolfe Research

Adobe (NASDAQ:ADBEGet Rating) had its price target trimmed by Wolfe Research from $470.00 to $340.00 in a report issued on Friday morning, The Fly reports. The brokerage currently has an outperform rating on the software company’s stock.

A number of other analysts have also weighed in on the stock. BMO Capital Markets lowered shares of Adobe from an outperform rating to a market perform rating and upped their price target for the stock from $420.00 to $435.00 in a research note on Tuesday. Oppenheimer lowered shares of Adobe from an outperform rating to a market perform rating in a research note on Thursday. StockNews.com lowered shares of Adobe from a buy rating to a hold rating in a research note on Thursday. Jefferies Financial Group cut their target price on shares of Adobe from $550.00 to $500.00 in a research note on Friday, June 17th. Finally, Credit Suisse Group cut their target price on shares of Adobe from $525.00 to $425.00 and set a neutral rating for the company in a research note on Friday, June 17th. Fourteen equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $434.35.

Adobe Trading Down 3.1 %

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

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Thursday, September 15th. The software company reported $3.40 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 29.29% and a return on equity of 36.70%. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.65 EPS. As a group, analysts anticipate that Adobe will post 10.98 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Friday, July 22nd. The shares were 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction on Friday, July 22nd. The shares were 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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CMO Ann Lewnes sold 794 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total transaction of $317,600.00. Following the transaction, the chief marketing officer now owns 23,988 shares in the company, valued at approximately $9,595,200. The disclosure for this sale can be found here. Insiders have sold a total of 3,637 shares of company stock worth $1,438,682 in the last 90 days. 0.23% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Shorepoint Capital Partners LLC grew its stake in Adobe by 1.0% in the 4th quarter. Shorepoint Capital Partners LLC now owns 2,166 shares of the software company’s stock valued at $1,228,000 after buying an additional 22 shares during the last quarter. Capital Advisory Group Advisory Services LLC grew its stake in Adobe by 2.4% in the 4th quarter. Capital Advisory Group Advisory Services LLC now owns 964 shares of the software company’s stock valued at $547,000 after buying an additional 23 shares during the last quarter. Cooper Financial Group grew its stake in Adobe by 1.4% in the 1st quarter. Cooper Financial Group now owns 1,698 shares of the software company’s stock valued at $774,000 after buying an additional 24 shares during the last quarter. Ironwood Investment Management LLC boosted its holdings in Adobe by 1.4% in the 2nd quarter. Ironwood Investment Management LLC now owns 1,737 shares of the software company’s stock valued at $636,000 after purchasing an additional 24 shares during the period. Finally, Evanson Asset Management LLC boosted its holdings in Adobe by 1.4% in the 1st quarter. Evanson Asset Management LLC now owns 1,875 shares of the software company’s stock valued at $854,000 after purchasing an additional 25 shares during the period. 80.75% of the stock is currently owned by institutional investors and hedge funds.

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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