Citigroup Issues Pessimistic Forecast for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price target lowered by Citigroup from $551.00 to $490.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “neutral” rating on the software company’s stock. Citigroup’s price target would suggest a potential upside of 11.87% from the company’s previous close.

Several other research firms also recently weighed in on ADBE. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $475.00 price target (down previously from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Stifel Nicolaus reduced their price target on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. BMO Capital Markets cut their price objective on Adobe from $570.00 to $515.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Finally, BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price objective for the company in a research note on Wednesday, January 15th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $563.96.

Adobe Trading Down 2.5 %

Shares of NASDAQ ADBE traded down $11.38 during trading hours on Monday, hitting $438.02. The company’s stock had a trading volume of 2,126,767 shares, compared to its average volume of 3,360,286. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. Adobe has a 12 month low of $403.75 and a 12 month high of $587.75. The stock has a market cap of $190.72 billion, a price-to-earnings ratio of 35.32, a P/E/G ratio of 2.15 and a beta of 1.37. The business has a 50-day simple moving average of $439.56 and a 200-day simple moving average of $486.60.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. Adobe’s quarterly revenue was up 11.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.52 earnings per share. On average, analysts anticipate that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Adobe news, Director David A. Ricks purchased 2,250 shares of the business’s stock in a transaction on Tuesday, January 28th. The shares were bought at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $430.24, for a total value of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares of the company’s stock, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,075 shares of company stock worth $2,191,826. Insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

A number of institutional investors and hedge funds have recently made changes to their positions in ADBE. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth approximately $2,553,035,000. Proficio Capital Partners LLC boosted its stake in shares of Adobe by 82,528.8% during the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP boosted its position in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after buying an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Adobe during the 4th quarter worth $365,750,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

About Adobe

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.