Adobe (NASDAQ:ADBE) Stock Rating Lowered by Morgan Stanley

Morgan Stanley downgraded shares of Adobe (NASDAQ:ADBEGet Rating) from an overweight rating to an equal weight rating in a research report released on Tuesday, MarketBeat Ratings reports. The brokerage currently has $362.00 price objective on the software company’s stock, down from their previous price objective of $591.00.

Several other equities analysts also recently issued reports on the stock. Stifel Nicolaus dropped their price target on shares of Adobe from $600.00 to $500.00 in a research note on Friday, June 17th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Adobe from $575.00 to $500.00 in a research note on Friday, June 17th. Wells Fargo & Company lowered their target price on shares of Adobe from $525.00 to $425.00 and set an overweight rating for the company in a research note on Friday, June 17th. Exane BNP Paribas assumed coverage on shares of Adobe in a research note on Tuesday, March 29th. They set an outperform rating and a $570.00 target price for the company. Finally, Cowen lowered their target price on shares of Adobe from $550.00 to $520.00 in a research note on Friday, June 17th. Seven investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of Moderate Buy and a consensus price target of $489.31.

Shares of NASDAQ:ADBE opened at $376.64 on Tuesday. The company has a market cap of $177.96 billion, a price-to-earnings ratio of 36.78, a PEG ratio of 1.98 and a beta of 1.08. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.04. The firm has a 50 day simple moving average of $402.64 and a 200 day simple moving average of $465.97. Adobe has a one year low of $338.00 and a one year high of $699.54.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings results on Thursday, June 16th. The software company reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.04. Adobe had a net margin of 29.29% and a return on equity of 36.70%. During the same quarter in the prior year, the company earned $2.56 earnings per share. As a group, analysts expect that Adobe will post 10.98 EPS for the current year.

In other Adobe news, EVP Scott Belsky sold 2,710 shares of Adobe stock in a transaction dated Monday, April 25th. The shares were sold at an average price of $410.18, for a total value of $1,111,587.80. Following the sale, the executive vice president now owns 27,917 shares of the company’s stock, valued at $11,450,995.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John E. Warnock sold 5,000 shares of Adobe stock in a transaction dated Tuesday, April 26th. The stock was sold at an average price of $404.30, for a total transaction of $2,021,500.00. Following the completion of the sale, the director now directly owns 405,165 shares in the company, valued at approximately $163,808,209.50. The disclosure for this sale can be found here. Insiders have sold 8,325 shares of company stock worth $3,398,786 over the last three months. 0.23% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ADBE. Garde Capital Inc. grew its stake in Adobe by 2.7% during the third quarter. Garde Capital Inc. now owns 675 shares of the software company’s stock valued at $389,000 after acquiring an additional 18 shares in the last quarter. Bath Savings Trust Co grew its stake in Adobe by 0.6% in the 4th quarter. Bath Savings Trust Co now owns 3,102 shares of the software company’s stock worth $1,759,000 after buying an additional 20 shares in the last quarter. Eastover Investment Advisors LLC grew its stake in Adobe by 0.8% in the 4th quarter. Eastover Investment Advisors LLC now owns 2,657 shares of the software company’s stock worth $1,507,000 after buying an additional 20 shares in the last quarter. Pinnacle Bancorp Inc. boosted its stake in shares of Adobe by 1.5% in the 4th quarter. Pinnacle Bancorp Inc. now owns 1,322 shares of the software company’s stock valued at $750,000 after purchasing an additional 20 shares in the last quarter. Finally, Howland Capital Management LLC boosted its stake in shares of Adobe by 2.2% in the 4th quarter. Howland Capital Management LLC now owns 940 shares of the software company’s stock valued at $533,000 after purchasing an additional 20 shares in the last quarter. 82.54% of the stock is currently owned by institutional investors.

About Adobe (Get Rating)

Adobe Inc 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.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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