Mizuho Cuts Adobe (NASDAQ:ADBE) Price Target to $575.00

Adobe (NASDAQ:ADBE) had its target price lowered by Mizuho from $620.00 to $575.00 in a research note released on Thursday morning,Benzinga reports. The brokerage currently has an outperform rating on the software company’s stock.

Several other research firms have also weighed in on ADBE. Royal Bank of Canada cut their target price on shares of Adobe from $590.00 to $550.00 and set an “outperform” rating on the stock in a report on Friday, March 7th. Oppenheimer cut their target price on shares of Adobe from $560.00 to $530.00 and set an “outperform” rating on the stock in a report on Thursday. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Thursday, December 12th. Robert W. Baird cut their target price on shares of Adobe from $500.00 to $490.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, StockNews.com lowered shares of Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $540.60.

Adobe Price Performance

Shares of Adobe stock opened at $394.74 on Thursday. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $171.87 billion, a price-to-earnings ratio of 31.83, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a 1-year low of $374.50 and a 1-year high of $587.75. The firm’s 50-day moving average price is $437.03 and its two-hundred day moving average price is $482.06.

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

Insider Buying and Selling

In related news, EVP Scott Belsky sold 3,819 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the completion of the transaction, the executive vice president now owns 18,334 shares in the company, valued at approximately $7,888,020.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were acquired at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the purchase, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This represents a 82.30 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 5,075 shares of company stock worth $2,191,826. 0.16% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Lansforsakringar Fondforvaltning AB publ bought a new position in Adobe during the 4th quarter worth about $101,828,000. PKO Investment Management Joint Stock Co bought a new stake in shares of Adobe in the 4th quarter valued at about $7,115,000. Northstar Financial Companies Inc. bought a new stake in shares of Adobe in the 4th quarter valued at about $241,000. Centaurus Financial Inc. boosted its holdings in shares of Adobe by 34.8% in the 4th quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock valued at $1,606,000 after buying an additional 932 shares in the last quarter. Finally, Lighthouse Financial LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $218,000. 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.