Adobe (NASDAQ:ADBE) Downgraded to "Hold" Rating by Wall Street Zen

Adobe (NASDAQ:ADBE - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued on Friday.

A number of other equities analysts have also recently weighed in on the company. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and reduced their price target for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Oppenheimer cut their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Finally, Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Trading Down 0.2%

Shares of NASDAQ:ADBE traded down $0.66 during trading on Friday, hitting $365.79. The company had a trading volume of 2,445,698 shares, compared to its average volume of 3,477,489. The stock has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. Adobe has a one year low of $332.01 and a one year high of $587.75. The company has a fifty day simple moving average of $394.20 and a two-hundred day simple moving average of $402.72. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Hedge Funds Weigh In On Adobe

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sepio Capital LP increased its position in shares of Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank grew its position in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares during the last quarter. RB Capital Management LLC boosted its stake in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC boosted its stake in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

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.