Adobe (NASDAQ:ADBE) Rating Lowered to Hold at ValuEngine

ValuEngine lowered shares of Adobe (NASDAQ:ADBE) from a buy rating to a hold rating in a research note issued to investors on Thursday, September 5th, ValuEngine reports.

ADBE has been the topic of several other reports. Credit Suisse Group raised their target price on shares of Adobe from $300.00 to $325.00 and gave the company a positive rating in a report on Wednesday, June 19th. Bank of America raised their target price on shares of Adobe from $312.00 to $323.00 and gave the company a buy rating in a report on Wednesday, June 19th. BidaskClub lowered shares of Adobe from a buy rating to a hold rating in a report on Thursday, August 1st. Barclays lifted their price target on shares of Adobe from $304.00 to $330.00 and gave the company an overweight rating in a report on Wednesday, June 19th. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $295.00 price target on shares of Adobe in a report on Wednesday, June 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eighteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $301.69.

Shares of ADBE traded up $0.16 during midday trading on Thursday, reaching $278.18. The stock had a trading volume of 171,880 shares, compared to its average volume of 2,153,849. The firm has a 50 day simple moving average of $290.27 and a 200-day simple moving average of $281.10. Adobe has a one year low of $204.95 and a one year high of $313.11. The firm has a market cap of $134.05 billion, a PE ratio of 50.12, a P/E/G ratio of 2.51 and a beta of 1.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.66 EPS. As a group, research analysts forecast that Adobe will post 6.3 EPS for the current fiscal year.

In other Adobe news, Director John E. Warnock sold 4,000 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the transaction, the director now owns 16,088 shares in the company, valued at $4,777,170.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $307.13, for a total transaction of $921,390.00. The disclosure for this sale can be found here. Insiders have sold a total of 29,627 shares of company stock worth $8,697,224 in the last quarter. 0.32% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. RDA Financial Network lifted its stake in shares of Adobe by 9.4% in the 2nd quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock valued at $1,181,000 after purchasing an additional 334 shares during the period. Cedar Capital LLC grew its holdings in Adobe by 43.9% during the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after purchasing an additional 2,829 shares during the period. Sawtooth Solutions LLC grew its holdings in Adobe by 41.6% during the first quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock valued at $1,587,000 after purchasing an additional 1,751 shares during the period. Carillon Tower Advisers Inc. grew its holdings in Adobe by 19.3% during the first quarter. Carillon Tower Advisers Inc. now owns 46,400 shares of the software company’s stock valued at $12,365,000 after purchasing an additional 7,500 shares during the period. Finally, Cetera Advisors LLC grew its holdings in Adobe by 32.3% during the second quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock valued at $940,000 after purchasing an additional 778 shares during the period. Hedge funds and other institutional investors own 86.53% of the company’s stock.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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