Stifel Nicolaus Has Lowered Expectations for Adobe (NASDAQ:ADBE) Stock Price

Adobe (NASDAQ:ADBE - Free Report) had its price target trimmed by Stifel Nicolaus from $525.00 to $480.00 in a report published on Friday,Benzinga reports. The firm currently has a buy rating on the software company's stock.

Other analysts have also recently issued reports about the company. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Wells Fargo & Company raised their price target on Adobe from $430.00 to $470.00 and gave the company an "overweight" rating in a research note on Friday. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $494.67.

Adobe Stock Down 5.3%

Shares of NASDAQ ADBE traded down $22.00 during mid-day trading on Friday, hitting $391.68. The company had a trading volume of 10,618,205 shares, compared to its average volume of 3,381,385. The company has a market capitalization of $166.93 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe has a 1-year low of $332.01 and a 1-year high of $587.75. The business's 50-day simple moving average is $386.76 and its 200 day simple moving average is $421.08.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts' expectations of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period last year, the firm earned $4.48 earnings per share. On average, analysts predict that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.16% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC raised its holdings in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in Adobe in the 1st quarter valued at $607,443,000. Finally, OVERSEA CHINESE BANKING Corp Ltd raised its holdings in Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.