Adobe (NASDAQ:ADBE) Price Target Cut to $390.00 by Analysts at KeyCorp

Adobe (NASDAQ:ADBE) had its target price lowered by analysts at KeyCorp from $450.00 to $390.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the software company’s stock. KeyCorp’s price target suggests a potential upside of 1.52% from the company’s current price.

ADBE has been the subject of a number of other reports. Bank of America reduced their price target on shares of Adobe from $605.00 to $528.00 and set a “buy” rating for the company in a research report on Thursday. Mizuho lowered their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday. BMO Capital Markets reduced their price objective on Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday. Barclays lowered their target price on Adobe from $675.00 to $645.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Finally, Stifel Nicolaus dropped their target price on Adobe from $650.00 to $600.00 and set a “buy” rating on the stock in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, eleven have given 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, Adobe has a consensus rating of “Moderate Buy” and an average target price of $544.65.

Adobe Stock Performance

Shares of Adobe stock traded down $54.44 during midday trading on Thursday, hitting $384.16. The company had a trading volume of 5,878,117 shares, compared to its average volume of 3,483,259. The stock has a market cap of $167.27 billion, a price-to-earnings ratio of 31.00, a PEG ratio of 2.15 and a beta of 1.37. Adobe has a 12-month low of $386.30 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a fifty day simple moving average of $439.01 and a 200 day simple moving average of $484.54.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. As a group, analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other Adobe news, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total value of $403,172.16. Following the sale, the executive vice president now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the sale, the chief accounting officer now directly owns 2,685 shares of the company’s stock, valued at $1,170,203.55. The trade was a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,075 shares of company stock worth $2,191,826 in the last quarter. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

Several large investors have recently made changes to their positions in ADBE. Swedbank AB lifted its stake in Adobe by 0.3% during the 3rd quarter. Swedbank AB now owns 1,196,175 shares of the software company’s stock worth $619,355,000 after acquiring an additional 3,739 shares in the last quarter. United Bank boosted its stake in shares of Adobe by 19.7% in the third quarter. United Bank now owns 2,596 shares of the software company’s stock valued at $1,344,000 after purchasing an additional 428 shares during the period. Harbour Investments Inc. grew its holdings in shares of Adobe by 194.1% in the third quarter. Harbour Investments Inc. now owns 3,397 shares of the software company’s stock valued at $1,759,000 after purchasing an additional 2,242 shares in the last quarter. Haverford Trust Co increased its stake in Adobe by 0.5% during the 3rd quarter. Haverford Trust Co now owns 5,772 shares of the software company’s stock worth $2,989,000 after buying an additional 27 shares during the period. Finally, MQS Management LLC acquired a new stake in Adobe during the 3rd quarter worth approximately $234,000. 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.