Adobe (NASDAQ:ADBE) Lowered to Strong Sell Rating by Redburn Atlantic

Adobe (NASDAQ:ADBE - Get Free Report) was downgraded by equities researchers at Redburn Atlantic from a "hold" rating to a "strong sell" rating in a research note issued on Wednesday, Marketbeat.com reports. They currently have a $280.00 price target on the software company's stock, down from their previous price target of $420.00. Redburn Atlantic's target price points to a potential downside of 26.23% from the stock's current price.

A number of other research firms also recently weighed in on ADBE. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Citigroup dropped their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. DA Davidson reissued a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Price Performance

Shares of ADBE stock traded up $1.09 during trading hours on Wednesday, hitting $379.56. 2,863,680 shares of the company's stock were exchanged, compared to its average volume of 3,423,307. The stock's 50-day moving average is $395.48 and its 200-day moving average is $409.36. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Siemens Fonds Invest GmbH lifted its position in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. 1248 Management LLC acquired a new stake in shares of Adobe in the 1st quarter valued at about $25,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the first quarter worth about $26,000. SWAN Capital LLC acquired a new stake in Adobe in the 4th quarter valued at approximately $28,000. Finally, Copia Wealth Management bought a new stake in Adobe in the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 81.79% of the company's stock.

About Adobe

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.