Adobe (NASDAQ:ADBE) Cut to Buy at StockNews.com

StockNews.com cut shares of Adobe (NASDAQ:ADBE) from a strong-buy rating to a buy rating in a report released on Tuesday.

A number of other equities research analysts have also weighed in on ADBE. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and set a $475.00 target price (down from $600.00) on shares of Adobe in a research note on Wednesday, January 8th. Jefferies Financial Group reduced their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. DA Davidson lowered their target price on Adobe from $685.00 to $625.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. Oppenheimer cut their price target on Adobe from $625.00 to $600.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Wells Fargo & Company lowered their price objective on shares of Adobe from $700.00 to $640.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Trading Down 1.4 %

Shares of NASDAQ:ADBE opened at $444.78 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a 1 year low of $403.75 and a 1 year high of $587.75. The company has a market cap of $193.61 billion, a P/E ratio of 35.87, a PEG ratio of 2.15 and a beta of 1.37. The stock’s fifty day moving average price is $439.51 and its 200-day moving average price is $488.46.

Adobe (NASDAQ:ADBE) last posted its 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. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. During the same quarter in the prior year, the business earned $3.52 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Sell-side analysts expect that Adobe will post 16.65 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction on Tuesday, January 28th. The shares were acquired at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now directly owns 4,984 shares in the company, valued at $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total value of $145,567.22. Following the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. The trade was a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock worth $2,191,826 in the last three months. 0.15% of the stock is owned by company insiders.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC bought a new position in Adobe during the third quarter valued at $26,000. Groupama Asset Managment grew its stake in shares of Adobe by 28.8% in the 3rd quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after buying an additional 11,522 shares in the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth about $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 81.79% 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.