Evercore ISI Lowers Adobe (NASDAQ:ADBE) Price Target to $650.00

Adobe (NASDAQ:ADBE) had its price objective cut by equities researchers at Evercore ISI from $700.00 to $650.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an “outperform” rating on the software company’s stock. Evercore ISI’s price target points to a potential upside of 26.49% from the stock’s previous close.

Several other research analysts also recently commented on the stock. BMO Capital Markets dropped their price objective on shares of Adobe from $690.00 to $660.00 and set an “overweight” rating for the company in a report on Friday. Piper Sandler increased their price objective on shares of Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a report on Tuesday, January 2nd. KGI Securities upgraded Adobe from a “neutral” rating to an “outperform” rating and set a $730.00 price target for the company in a research report on Monday, December 4th. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a “buy” rating for the company in a research report on Friday. Finally, UBS Group dropped their price target on Adobe from $600.00 to $540.00 and set a “neutral” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $627.00.

Adobe Price Performance

ADBE stock traded up $21.40 during trading on Friday, reaching $513.86. The company’s stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. Adobe has a 1 year low of $331.89 and a 1 year high of $638.25. The company has a quick ratio of 1.34, a current ratio of 1.34 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $232.55 billion, a P/E ratio of 49.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company’s fifty day moving average is $583.38 and its 200-day moving average is $573.74.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The business had revenue of $5.18 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $2.97 EPS. Adobe’s revenue for the quarter was up 11.3% compared to the same quarter last year. On average, research analysts expect that Adobe will post 14.46 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In other news, CEO Shantanu Narayen sold 32,000 shares of the company’s stock in a transaction on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the transaction, the chief executive officer now directly owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 2,191 shares of the business’s stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $601.71, for a total transaction of $1,318,346.61. Following the sale, the executive vice president now directly owns 23,508 shares of the company’s stock, valued at $14,144,998.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 32,000 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $598.28, for a total transaction of $19,144,960.00. Following the sale, the chief executive officer now directly owns 377,928 shares in the company, valued at $226,106,763.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,162 shares of company stock valued at $26,276,030. Corporate insiders own 0.15% of the company’s stock.

Institutional Investors Weigh In On Adobe

Several hedge funds have recently added to or reduced their stakes in the business. Skyline Advisors Inc. purchased a new stake in Adobe in the fourth quarter valued at $1,493,000. BlueChip Wealth Advisors LLC purchased a new stake in Adobe in the fourth quarter valued at $511,000. VanderPol Investments L.L.C. purchased a new stake in shares of Adobe during the 4th quarter worth about $300,000. Walden Wealth Partners LLC purchased a new stake in shares of Adobe during the 4th quarter worth about $2,013,000. Finally, Leo Wealth LLC purchased a new stake in shares of Adobe during the 4th quarter worth about $1,502,000. 80.00% of the stock is owned by hedge funds and other institutional investors.

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.