Adobe (NASDAQ:ADBE) Downgraded to "Sell" Rating by Rothschild & Co Redburn

Rothschild & Co Redburn lowered shares of Adobe (NASDAQ:ADBE - Free Report) from a neutral rating to a sell rating in a report published on Wednesday morning, MarketBeat.com reports. The brokerage currently has $280.00 price objective on the software company's stock.

Several other research firms have also weighed in on ADBE. DA Davidson reissued a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Finally, Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Price Performance

ADBE stock traded down $13.63 during trading on Wednesday, reaching $378.47. 6,906,864 shares of the company were exchanged, compared to its average volume of 3,424,061. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50 day moving average price is $394.95 and its 200 day moving average price is $409.57. Adobe has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market cap of $160.55 billion, a P/E ratio of 24.21, a PEG ratio of 1.83 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $4.48 EPS. As a group, analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Adobe

Several institutional investors have recently made changes to their positions in ADBE. Garde Capital Inc. acquired a new stake in Adobe in the first quarter worth $34,000. Arizona State Retirement System grew its position in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the 4th quarter worth about $1,173,000. Krane Funds Advisors LLC lifted its position in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after purchasing an additional 730 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in Adobe by 36.2% during the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after purchasing an additional 2,583 shares during the period. 81.79% of the stock is owned by 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.