Mizuho lowers Adobe (NASDAQ:ADBE) price target to $620.00

Adobe (NASDAQ:ADBE – Free Report) Mizuho had its price objective lowered from $640.00 to $620.00 in a report published Thursday morning, Benzinga reports. Mizuho currently has an outperform rating on the software company’s stock.

A number of other stock analysts have also recently issued reports on ADBE. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6. Bank of America reissued a “buy” rating and a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. UBS Group cut their price target on Adobe from $560.00 to $550.00 and gave the company a “neutral” rating in a research report on Friday, September 13th. Citigroup lowered their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research note on Monday, December 9. Finally, Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $584.88.

Read our latest Adobe Stock Report

Adobe is trading 1.9% lower

ADBE opened at $465.69 on Thursday. The stock has a market cap of $205.00 billion, a price-to-earnings ratio of 37.56, a price-to-earnings ratio of 2.51 and a beta of 1.29. Adobe has a one-year low of $433.97 and a one-year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company’s 50-day moving average price is $505.16 and its 200-day moving average price is $523.26.

Adobe (NASDAQ:ADBE – Get Free Report) last reported its quarterly results on Wednesday, December 11. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The company had revenue of $5.61 billion for the quarter, compared to analyst estimates of $5.54 billion. Adobe had a return on equity of 45.22% and a net margin of 25.85%. The company’s quarterly revenue rose 11.1% year over year. During the same quarter of the previous year, the company posted earnings per share of $3.52. As a group, equity research analysts expect Adobe to post 16.73 earnings per share for the current year.

Insider activity

In other Adobe news, President Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The shares sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This transaction represents a 1.81% decrease in their ownership of the shares. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction dated Tuesday, October 15. The shares sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. The transaction resulted in a 7.51% decrease in their ownership of the shares. The explanation of this sale can be found here. In the last 90 days, insiders have sold 34,793 company shares worth $18,069,669. Currently, 0.15% of the shares are owned by insiders.

Institutional investors weigh in on Adobe

Several major investors have recently changed their holdings in the company. Onyx Bridge Wealth Group LLC increased its stake in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the period. HTLF Bank increased its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company, valued at $327,000, after acquiring an additional 19 shares last quarter. Commonwealth Financial Services LLC increased its position in Adobe by 3.7% during the second quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after acquiring an additional 19 shares during the period. Connable Office Inc. increased its stake in Adobe shares by 0.5% in the third quarter. Connable Office Inc. now owns 3,732 shares of the software company worth $1,932,000 after purchasing an additional 20 shares in the last quarter. Finally, 1ST Source Bank increased its position in Adobe by 0.7% in the third quarter. 1ST Source Bank now owns 2,889 shares of the software company’s stock worth $1,496,000 after purchasing an additional 20 shares in the last quarter. 81.79% of the shares are held by institutional investors and hedge funds.

Adobe company profile

(Get a free report)

Adobe Inc, together with its subsidiaries, operates worldwide as a diversified software company. 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.

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