Adobe (NASDAQ:ADBE) PT Lowered to $570.00

Adobe (NASDAQ:ADBE) had its price target reduced by JPMorgan Chase & Co. from $600.00 to $570.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 10.93% from the stock’s current price.

ADBE has been the topic of a number of other research reports. Piper Sandler Companies reduced their price target on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday. HSBC cut their target price on Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday. Piper Sandler raised their target price on Adobe from $650.00 to $705.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 2nd. BMO Capital Markets cut their target price on Adobe from $690.00 to $660.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, TD Cowen cut their price target on Adobe from $650.00 to $640.00 and set an “outperform” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $627.00.

Adobe Trading Up 4.3 %

Adobe stock traded up $21.40 during midday trading on Friday, reaching $513.86. 7,048,998 shares of the stock traded hands, compared to its average volume of 3,535,195. The company has a 50-day simple moving average of $584.71 and a two-hundred day simple moving average of $574.06. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a market cap of $232.55 billion, a PE ratio of 49.05, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a current ratio of 1.34, a quick ratio of 1.34 and a debt-to-equity ratio of 0.22.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. The company had revenue of $5.18 billion for the quarter, compared to analyst estimates of $5.14 billion. Adobe had a return on equity of 38.97% and a net margin of 24.08%. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.97 EPS. Research analysts expect that Adobe will post 14.46 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 32,000 shares of the company’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $598.28, for a total value of $19,144,960.00. Following the completion of the sale, the chief executive officer now owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Mark S. Garfield sold 788 shares of the stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 32,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $598.28, for a total value of $19,144,960.00. Following the completion of the transaction, the chief executive officer now directly owns 377,928 shares of the company’s stock, valued at approximately $226,106,763.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,162 shares of company stock valued at $26,276,030. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently bought and sold shares of the company. Skyline Advisors Inc. acquired a new stake in Adobe during the fourth quarter valued at approximately $1,493,000. BlueChip Wealth Advisors LLC acquired a new stake in Adobe during the fourth quarter valued at approximately $511,000. VanderPol Investments L.L.C. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $300,000. Walden Wealth Partners LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $2,013,000. Finally, Leo Wealth LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $1,502,000. Institutional investors and hedge funds own 80.00% of the company’s stock.

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.