Stifel Nicolaus Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE) had its price objective cut by Stifel Nicolaus from $650.00 to $600.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the software company’s stock.

ADBE has been the subject of a number of other research reports. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein decreased their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Barclays increased their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Jefferies Financial Group decreased their price objective on Adobe from $700.00 to $650.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $584.88.

Adobe Stock Down 13.7 %

NASDAQ:ADBE opened at $474.63 on Thursday. The company has a market cap of $208.93 billion, a PE ratio of 38.28, a PEG ratio of 2.52 and a beta of 1.29. The stock has a 50-day simple moving average of $506.57 and a 200 day simple moving average of $523.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.67 by $0.14. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. During the same period in the prior year, the business posted $3.52 EPS. The company’s quarterly revenue was up 11.1% on a year-over-year basis. On average, sell-side analysts expect that Adobe will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CAO Jillian Forusz sold 676 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction dated Friday, December 6th. The shares were sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,793 shares of company stock worth $18,069,669. 0.15% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. 1ST Source Bank grew its holdings in shares of Adobe by 0.7% during the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. DGS Capital Management LLC increased its position in shares of Adobe by 1.8% during the 3rd quarter. DGS Capital Management LLC now owns 2,436 shares of the software company’s stock valued at $1,261,000 after purchasing an additional 42 shares during the last quarter. Oddo BHF Asset Management Sas bought a new stake in Adobe in the 3rd quarter worth approximately $14,622,000. Inspire Trust Co. N.A. grew its position in Adobe by 9.1% during the third quarter. Inspire Trust Co. N.A. now owns 5,714 shares of the software company’s stock valued at $2,959,000 after acquiring an additional 475 shares during the last quarter. Finally, American Trust bought a new stake in shares of Adobe in the 3rd quarter worth approximately $1,057,000. Institutional investors own 81.79% of the company’s stock.

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.