Adobe (NASDAQ:ADBE) PT Lowered to $550.00 at Cowen

Adobe (NASDAQ:ADBEGet Rating) had its price target lowered by stock analysts at Cowen from $600.00 to $550.00 in a report issued on Thursday, Stock Target Advisor reports. The brokerage currently has an “outperform” rating on the software company’s stock. Cowen’s price objective would indicate a potential upside of 26.36% from the company’s previous close.

ADBE has been the topic of several other reports. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Tuesday, May 17th. Piper Sandler cut their price target on shares of Adobe from $600.00 to $545.00 and set an “overweight” rating on the stock in a report on Wednesday, March 23rd. BMO Capital Markets assumed coverage on shares of Adobe in a report on Wednesday, March 23rd. They set a “buy” rating and a $535.00 price target on the stock. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Adobe from $660.00 to $575.00 and set a “buy” rating for the company in a research report on Wednesday, March 23rd. Finally, Oppenheimer lowered their price objective on shares of Adobe from $660.00 to $560.00 and set an “outperform” rating for the company in a research report on Wednesday, March 23rd. Seven research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $571.44.

Shares of Adobe stock traded up $6.42 during trading hours on Thursday, reaching $435.26. The company’s stock had a trading volume of 49,992 shares, compared to its average volume of 2,981,521. The firm has a 50 day moving average price of $417.96 and a 200-day moving average price of $487.71. Adobe has a one year low of $370.27 and a one year high of $699.54. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.04 and a quick ratio of 1.04. The stock has a market cap of $205.66 billion, a P/E ratio of 43.10, a P/E/G ratio of 2.24 and a beta of 1.08.

Adobe (NASDAQ:ADBEGet Rating) last issued its quarterly earnings results on Tuesday, March 22nd. The software company reported $2.84 EPS for the quarter, beating the consensus estimate of $2.77 by $0.07. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.24 billion. Adobe had a net margin of 29.90% and a return on equity of 36.47%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.64 EPS. As a group, sell-side analysts forecast that Adobe will post 11.09 EPS for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The shares were sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the transaction, the director now owns 405,165 shares in the company, valued at approximately $163,808,209.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, March 25th. The shares were sold at an average price of $435.44, for a total transaction of $1,197,460.00. The disclosure for this sale can be found here. Insiders have sold 11,538 shares of company stock valued at $4,793,387 in the last three months. 0.23% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of ADBE. OLD Mission Capital LLC acquired a new stake in shares of Adobe in the third quarter worth $217,000. Morgan Stanley increased its stake in shares of Adobe by 4.0% in the second quarter. Morgan Stanley now owns 7,026,969 shares of the software company’s stock worth $4,115,275,000 after acquiring an additional 267,038 shares during the period. New World Advisors LLC acquired a new stake in shares of Adobe in the third quarter worth $568,000. Penserra Capital Management LLC increased its stake in shares of Adobe by 10.9% in the third quarter. Penserra Capital Management LLC now owns 1,786 shares of the software company’s stock worth $1,028,000 after acquiring an additional 176 shares during the period. Finally, Lowe Brockenbrough & Co. Inc. acquired a new stake in shares of Adobe in the third quarter worth $328,000. Institutional investors and hedge funds own 82.54% of the company’s stock.

Adobe Company Profile (Get Rating)

Adobe Inc 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.

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