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

Adobe (NASDAQ:ADBE) was downgraded by Redburn Atlantic from a “hold” rating to a “strong sell” rating in a report released on Wednesday, Marketbeat Ratings reports. They presently have a $280.00 price target on the software company’s stock, down from their prior price target of $420.00. Redburn Atlantic’s price objective would indicate a potential downside of 26.23% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Bank of America upped their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Jefferies Financial Group cut their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $480.08.

Adobe Trading Up 0.3%

ADBE stock opened at $379.56 on Wednesday. Adobe has a 12-month low of $332.01 and a 12-month high of $587.75. The business’s 50-day moving average is $395.85 and its 200 day moving average is $408.79. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the company posted $4.48 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe will post 16.65 EPS for the current fiscal year.

Institutional Trading of Adobe

A number of large investors have recently made changes to their positions in the company. Garde Capital Inc. purchased a new stake in shares of Adobe in the 1st quarter valued at approximately $34,000. Arizona State Retirement System grew its stake in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after purchasing an additional 570 shares in the last quarter. Krane Funds Advisors LLC increased its holdings in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after buying an additional 730 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe in the fourth quarter valued at $1,173,000. Finally, Summit Trail Advisors LLC lifted its holdings in Adobe by 36.2% during the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company’s stock worth $3,728,000 after buying an additional 2,583 shares during the last quarter. 81.79% of the stock is currently 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.