Adobe (NASDAQ:ADBE) Lowered to Hold at Edward Jones

Edward Jones lowered shares of Adobe (NASDAQ:ADBEGet Rating) from a buy rating to a hold rating in a research report sent to investors on Monday, Marketbeat.com reports.

A number of other brokerages also recently commented on ADBE. Piper Sandler cut their price objective on Adobe from $430.00 to $358.00 and set an overweight rating for the company in a research report on Friday. Wolfe Research reduced their target price on Adobe from $470.00 to $340.00 and set an outperform rating for the company in a report on Friday. Mizuho reduced their target price on Adobe from $440.00 to $360.00 in a report on Friday. Royal Bank of Canada reduced their target price on Adobe from $500.00 to $425.00 and set an outperform rating for the company in a report on Friday. Finally, Wells Fargo & Company lowered Adobe from an overweight rating to an equal weight rating and reduced their target price for the company from $425.00 to $310.00 in a report on Monday. Sixteen analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $429.92.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $296.06 on Monday. Adobe has a one year low of $292.14 and a one year high of $699.54. The stock has a fifty day moving average of $396.83 and a 200-day moving average of $407.42. The company has a market capitalization of $138.56 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.62 and a beta of 1.14. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.07 and a current ratio of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last announced its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 EPS for the quarter, beating analysts’ consensus estimates of $3.33 by $0.07. Adobe had a return on equity of 36.49% and a net margin of 28.00%. The company 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 quarterly revenue was up 12.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe will post 10.98 EPS for the current fiscal 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 dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at $10,268,108.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $400.00, for a total transaction of $317,600.00. Following the completion of the sale, the chief marketing officer now directly owns 23,988 shares in the company, valued at $9,595,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the sale, the executive vice president now owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The disclosure for this sale can be found here. Insiders sold 3,637 shares of company stock worth $1,438,682 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Institutional Investors Weigh In On Adobe

Hedge funds have recently made changes to their positions in the stock. MUFG Securities EMEA plc lifted its stake in shares of Adobe by 27.9% in the first quarter. MUFG Securities EMEA plc now owns 4,563 shares of the software company’s stock valued at $2,079,000 after buying an additional 996 shares during the period. Select Equity Group L.P. bought a new stake in shares of Adobe in the first quarter valued at about $57,922,000. Vident Investment Advisory LLC lifted its stake in shares of Adobe by 17.7% in the fourth quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock valued at $4,962,000 after buying an additional 1,318 shares during the period. PFG Advisors lifted its stake in shares of Adobe by 8.1% in the first quarter. PFG Advisors now owns 4,403 shares of the software company’s stock valued at $2,006,000 after buying an additional 330 shares during the period. Finally, Mirova US LLC lifted its stake in shares of Adobe by 26.5% in the first quarter. Mirova US LLC now owns 606,103 shares of the software company’s stock valued at $276,157,000 after buying an additional 126,810 shares during the period. 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.

Further Reading

Analyst Recommendations for Adobe (NASDAQ:ADBE)

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