JPMorgan Chase & Co. Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective cut by investment analysts at JPMorgan Chase & Co. from $580.00 to $540.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the software company’s stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 42.92% from the stock’s current price.

Several other research analysts also recently weighed in on ADBE. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Morgan Stanley dropped their price target on shares of Adobe from $660.00 to $600.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays lowered their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a research note on Thursday, December 12th. Royal Bank of Canada decreased their price target on Adobe from $550.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective on the stock in a research note on Wednesday, January 15th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $539.46.

Adobe Stock Down 13.9 %

NASDAQ:ADBE traded down $60.76 during trading hours on Thursday, reaching $377.84. The company had a trading volume of 14,243,783 shares, compared to its average volume of 3,621,348. The business’s 50-day simple moving average is $439.01 and its two-hundred day simple moving average is $484.54. Adobe has a twelve month low of $374.50 and a twelve month high of $587.75. The firm has a market cap of $164.51 billion, a price-to-earnings ratio of 30.47, a P/E/G ratio of 2.15 and a beta of 1.37. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the business earned $4.48 EPS. On average, equities analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction that occurred on Friday, January 24th. The shares were sold at an average price of $437.28, for a total transaction of $403,172.16. Following the completion of the sale, the executive vice president now directly owns 22,153 shares in the company, valued at $9,687,063.84. The trade was a 4.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David A. Ricks acquired 2,250 shares of the company’s stock in a transaction dated Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the completion of the acquisition, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. The trade was a 82.30 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Adobe

Institutional investors have recently modified their holdings of the company. State Street Corp grew its position in Adobe by 1.2% during the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock valued at $10,495,544,000 after acquiring an additional 234,909 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. FMR LLC raised its position in Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock worth $5,017,373,000 after purchasing an additional 787,356 shares during the period. Norges Bank bought a new stake in Adobe in the fourth quarter worth $2,553,035,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. 81.79% of the stock is currently owned by institutional investors.

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.