JPMorgan Chase & Co. Cuts Adobe (NASDAQ:ADBE) Price Target to $570.00

Adobe (NASDAQ:ADBE) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $600.00 to $570.00 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the software company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 10.93% from the company’s current price.

ADBE has been the topic of several other reports. Piper Sandler Companies dropped their target price on Adobe from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday. UBS Group lowered their price objective on Adobe from $600.00 to $540.00 and set a “neutral” rating on the stock in a research report on Friday. DA Davidson reaffirmed a “buy” rating and set a $685.00 price objective on shares of Adobe in a research report on Friday. Piper Sandler lifted their price objective on Adobe from $650.00 to $705.00 and gave the company an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Wells Fargo & Company lowered their price objective on Adobe from $690.00 to $675.00 and set an “overweight” rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $627.00.

Adobe Trading Up 4.3 %

ADBE stock traded up $21.40 on Friday, reaching $513.86. The company’s stock had a trading volume of 7,048,998 shares, compared to its average volume of 3,535,195. The business has a fifty day simple moving average of $584.71 and a two-hundred day simple moving average of $574.06. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. The firm has a market cap of $232.55 billion, a PE ratio of 49.05, a PEG ratio of 3.03 and a beta of 1.29. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The firm had revenue of $5.18 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period last year, the company earned $2.97 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. As a group, research analysts forecast that Adobe will post 14.46 EPS for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the business’s stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction dated Thursday, January 25th. The stock was sold at an average price of $615.42, for a total transaction of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,495,528.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David Wadhwani sold 6,099 shares of the business’s stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $571.77, for a total value of $3,487,225.23. Following the completion of the sale, the insider now directly owns 7,614 shares of the company’s stock, valued at $4,353,456.78. The disclosure for this sale can be found here. Insiders sold 44,162 shares of company stock valued at $26,276,030 in the last three months. 0.15% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Adobe

A number of large investors have recently modified their holdings of ADBE. Iron Horse Wealth Management LLC acquired a new stake in Adobe during the 3rd quarter valued at $25,000. HBC Financial Services PLLC acquired a new stake in Adobe during the 3rd quarter valued at $25,000. Global Wealth Strategies & Associates grew its holdings in Adobe by 57.6% during the 3rd quarter. Global Wealth Strategies & Associates now owns 52 shares of the software company’s stock valued at $27,000 after buying an additional 19 shares during the last quarter. Financial Freedom LLC acquired a new stake in Adobe during the 4th quarter valued at $29,000. Finally, Halpern Financial Inc. grew its holdings in Adobe by 314.3% during the 3rd quarter. Halpern Financial Inc. now owns 58 shares of the software company’s stock valued at $30,000 after buying an additional 44 shares during the last quarter. 80.00% of the stock is owned by hedge funds and other 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.