Adobe (NASDAQ:ADBE) Rating Lowered to “Sell” at Melius

Adobe (NASDAQ:ADBE) was downgraded by stock analysts at Melius from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Monday, Marketbeat reports. They presently have a $310.00 target price on the software company’s stock. Melius’ price objective would indicate a potential downside of 8.40% from the stock’s current price.

A number of other analysts have also commented on ADBE. DA Davidson reissued a “buy” rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Evercore ISI reissued an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $467.58.

Adobe Stock Performance

Shares of ADBE stock opened at $338.43 on Monday. The company has a market capitalization of $143.56 billion, a price-to-earnings ratio of 21.65, a price-to-earnings-growth ratio of 1.58 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe has a one year low of $330.04 and a one year high of $587.75. The company’s 50-day moving average is $375.67 and its 200 day moving average is $394.37.

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

Institutional Trading of Adobe

Several institutional investors and hedge funds have recently modified their holdings of the company. Garde Capital Inc. bought a new position in shares of Adobe in the first quarter worth about $34,000. PFG Advisors lifted its holdings in Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company’s stock worth $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC boosted its stake in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock worth $533,000 after purchasing an additional 730 shares during the period. Burling Wealth Partners LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $1,173,000. Finally, Financial Counselors Inc. raised its position in shares of Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock valued at $24,105,000 after buying an additional 5,298 shares during the last quarter. 81.79% of the stock is currently owned by 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.