Adobe (NASDAQ:ADBE) Given New $650.00 Price Target at Jefferies Financial Group

Adobe (NASDAQ:ADBE) had its price target cut by Jefferies Financial Group from $700.00 to $650.00 in a research report released on Thursday morning,Benzinga reports. They currently have a buy rating on the software company’s stock.

Several other equities research analysts also recently issued reports on ADBE. BMO Capital Markets boosted their price objective on shares of Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a research note on Friday, December 6th. Citigroup lowered their price target on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a report on Monday. TD Cowen cut Adobe from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $625.00 to $550.00 in a research note on Thursday. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Thursday, December 5th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $584.88.

Adobe Trading Down 13.7 %

Shares of ADBE opened at $474.63 on Thursday. The stock’s fifty day simple moving average is $506.57 and its 200 day simple moving average is $523.36. Adobe has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $208.93 billion, a P/E ratio of 38.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.54 billion. During the same period last year, the business posted $3.52 EPS. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. On average, equities research analysts forecast that Adobe will post 14.82 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,793 shares of company stock valued at $18,069,669. Corporate insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in ADBE. 1ST Source Bank grew its position in Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock valued at $1,496,000 after acquiring an additional 20 shares during the last quarter. DGS Capital Management LLC increased its holdings in shares of Adobe by 1.8% in the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock worth $1,261,000 after purchasing an additional 42 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in shares of Adobe in the 3rd quarter worth approximately $14,622,000. Inspire Trust Co. N.A. raised its stake in Adobe by 9.1% during the 3rd quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock worth $2,959,000 after acquiring an additional 475 shares during the period. Finally, American Trust purchased a new stake in Adobe in the 3rd quarter worth $1,057,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, 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.