Adobe (NASDAQ:ADBE) Rating Lowered to Sell at BidaskClub

BidaskClub lowered shares of Adobe (NASDAQ:ADBE) from a hold rating to a sell rating in a report released on Wednesday, BidAskClub reports.

Other analysts have also issued research reports about the company. Wedbush boosted their price target on Adobe from $270.00 to $290.00 and gave the company a neutral rating in a research note on Wednesday, June 19th. Credit Suisse Group boosted their price target on Adobe from $300.00 to $325.00 and gave the company a positive rating in a research note on Wednesday, June 19th. Royal Bank of Canada reaffirmed an outperform rating and issued a $295.00 price target on shares of Adobe in a research note on Wednesday, June 19th. Canaccord Genuity boosted their price target on Adobe from $300.00 to $320.00 and gave the company a buy rating in a research note on Wednesday, June 19th. Finally, ValuEngine lowered Adobe from a buy rating to a hold rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $300.82.

Shares of NASDAQ:ADBE opened at $278.35 on Wednesday. Adobe has a 1-year low of $204.95 and a 1-year high of $313.11. The firm has a market capitalization of $134.85 billion, a PE ratio of 50.15, a PEG ratio of 2.52 and a beta of 1.11. The business’s 50 day moving average is $289.67 and its 200-day moving average is $281.20. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The company had revenue of $2.74 billion for the quarter, compared to analyst estimates of $2.70 billion. During the same quarter last year, the firm earned $1.66 EPS. Adobe’s revenue for the quarter was up 25.0% compared to the same quarter last year. On average, sell-side analysts predict that Adobe will post 6.3 EPS for the current year.

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total value of $861,000.00. Following the completion of the transaction, the executive vice president now owns 58,458 shares in the company, valued at approximately $16,777,446. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 4,000 shares of Adobe stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total value of $1,187,760.00. Following the completion of the transaction, the director now owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The disclosure for this sale can be found here. In the last quarter, insiders sold 29,627 shares of company stock valued at $8,697,224. Corporate insiders own 0.32% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Marquette Asset Management LLC raised its position in shares of Adobe by 114.3% during the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after acquiring an additional 48 shares during the last quarter. JNBA Financial Advisors raised its position in shares of Adobe by 666.7% during the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after acquiring an additional 80 shares during the last quarter. Manchester Financial Inc. bought a new stake in shares of Adobe during the second quarter worth $28,000. Ellis Investment Partners LLC bought a new stake in shares of Adobe during the second quarter worth $30,000. Finally, Resources Investment Advisors LLC. raised its position in shares of Adobe by 94.3% during the second quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock worth $30,000 after acquiring an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 86.53% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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