Adobe (NASDAQ:ADBE) Lowered to “Hold” at Melius

Melius lowered shares of Adobe (NASDAQ:ADBEFree Report) from a buy rating to a hold rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. They currently have $510.00 price target on the software company’s stock.

A number of other equities research analysts have also recently weighed in on ADBE. TheStreet cut Adobe from a b- rating to a c+ rating in a research note on Tuesday, March 19th. DA Davidson reaffirmed a buy rating and issued a $685.00 price objective on shares of Adobe in a research note on Thursday, March 28th. TD Cowen lowered their target price on Adobe from $650.00 to $640.00 and set an outperform rating for the company in a research note on Friday, March 15th. Oppenheimer lowered their target price on Adobe from $660.00 to $580.00 and set an outperform rating for the company in a research note on Thursday, June 6th. Finally, Evercore ISI reissued an outperform rating and set a $650.00 target price on shares of Adobe in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $600.97.

Read Our Latest Report on ADBE

Adobe Price Performance

NASDAQ:ADBE opened at $459.94 on Monday. Adobe has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.14. The stock’s fifty day moving average is $475.87 and its two-hundred day moving average is $544.12. The company has a market capitalization of $206.05 billion, a P/E ratio of 43.97, a P/E/G ratio of 2.52 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last issued its quarterly earnings data on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm posted $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. Equities analysts expect that Adobe will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a stock buyback plan on Thursday, March 14th that permits the company to repurchase $25.00 billion in shares. This repurchase authorization permits the software company to repurchase up to 10.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, EVP Scott Belsky sold 2,713 shares of the business’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the sale, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The disclosure for this sale can be found here. In the last three months, insiders sold 3,006 shares of company stock valued at $1,424,432. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tradewinds Capital Management LLC raised its stake in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the 4th quarter worth approximately $35,000. Steph & Co. raised its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Hanseatic Management Services Inc. purchased a new position in shares of Adobe during the 3rd quarter worth approximately $45,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

About Adobe

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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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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