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

BidaskClub cut shares of Adobe (NASDAQ:ADBE) from a buy rating to a hold rating in a research note published on Thursday, BidAskClub reports.

A number of other equities analysts also recently commented on ADBE. Morgan Stanley upgraded shares of Adobe from an equal weight rating to an overweight rating and upped their price objective for the stock from $282.00 to $340.00 in a research report on Monday, April 29th. Stephens upgraded shares of Adobe from an equal weight rating to an overweight rating and increased their price target for the company from $288.00 to $327.00 in a report on Wednesday, June 19th. JPMorgan Chase & Co. increased their price target on shares of Adobe from $284.00 to $329.00 and gave the company a neutral rating in a report on Wednesday, June 19th. Canaccord Genuity increased their price target on shares of Adobe from $300.00 to $320.00 and gave the company a buy rating in a report on Wednesday, June 19th. Finally, Wells Fargo & Co reiterated a hold rating and issued a $275.00 price target (up previously from $250.00) on shares of Adobe in a report on Wednesday, June 19th. Ten analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Adobe has an average rating of Buy and an average target price of $300.70.

Adobe stock traded down $4.73 during trading hours on Thursday, reaching $293.71. 3,155,931 shares of the stock were exchanged, compared to its average volume of 2,731,139. The stock has a market capitalization of $147.40 billion, a PE ratio of 52.92, a P/E/G ratio of 2.76 and a beta of 1.10. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. Adobe has a 52-week low of $204.95 and a 52-week high of $313.11. The company’s 50 day moving average price is $300.34.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. Adobe’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.66 EPS. Equities research analysts anticipate that Adobe will post 6.3 earnings per share for the current fiscal year.

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $307.13, for a total transaction of $921,390.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles M. Geschke sold 13,795 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The disclosure for this sale can be found here. Insiders have sold a total of 29,627 shares of company stock valued at $8,638,724 over the last 90 days. 0.32% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Adobe by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after purchasing an additional 13,421 shares during the last quarter. Liberty Wealth Management LLC bought a new position in shares of Adobe during the 4th quarter valued at about $30,000. CX Institutional boosted its holdings in shares of Adobe by 2,271.4% during the 1st quarter. CX Institutional now owns 166 shares of the software company’s stock valued at $44,000 after purchasing an additional 159 shares during the last quarter. Dorsey Wright & Associates boosted its holdings in shares of Adobe by 1.2% during the 1st quarter. Dorsey Wright & Associates now owns 22,452 shares of the software company’s stock valued at $5,983,000 after purchasing an additional 261 shares during the last quarter. Finally, Orrstown Financial Services Inc. boosted its holdings in shares of Adobe by 2.5% during the 1st quarter. Orrstown Financial Services Inc. now owns 4,771 shares of the software company’s stock valued at $1,271,000 after purchasing an additional 116 shares during the last quarter. 86.32% of the stock is currently owned by institutional investors.

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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