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

Adobe (NASDAQ:ADBE) had its price target lowered by Oppenheimer from $530.00 to $500.00 in a report published on Friday,Benzinga reports. The firm currently has an outperform rating on the software company’s stock.

Several other equities research analysts have also commented on the company. Mizuho lowered their price objective on Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Redburn Atlantic started coverage on Adobe in a research report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Wells Fargo & Company upped their price objective on Adobe from $430.00 to $470.00 and gave the stock an “overweight” rating in a research report on Friday. Jefferies Financial Group lowered their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Finally, Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $391.68 on Friday. Adobe has a twelve month low of $332.01 and a twelve month high of $587.75. The company’s 50 day moving average is $386.76 and its 200 day moving average is $420.43. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The company has a market cap 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.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now 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 acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.16% of the stock is currently owned by insiders.

Institutional Trading of Adobe

Hedge funds and other institutional investors have recently modified their holdings of the stock. Copia Wealth Management acquired a new stake in shares of Adobe in the 4th quarter worth $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter worth $28,000. 1248 Management LLC acquired a new stake in shares of Adobe in the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the 1st quarter worth $26,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. 81.79% of the stock is 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.