Robert W. Baird Increases Adobe (NASDAQ:ADBE) Price Target to $545.00

Adobe (NASDAQ:ADBE) had its price target hoisted by investment analysts at Robert W. Baird from $525.00 to $545.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. Robert W. Baird’s price objective suggests a potential upside of 3.75% from the company’s previous close.

Several other research firms have also recently weighed in on ADBE. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. HSBC reduced their price target on shares of Adobe from $557.00 to $511.00 and set a “hold” rating on the stock in a research report on Friday, March 15th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Wednesday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Thursday, March 28th. Finally, TD Cowen lowered their price target on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $604.35.

Adobe Stock Up 14.5 %

Shares of ADBE stock opened at $525.31 on Friday. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.05 and a current ratio of 1.05. The stock has a market cap of $235.34 billion, a price-to-earnings ratio of 47.20, a PEG ratio of 2.48 and a beta of 1.27. The firm’s 50-day moving average is $474.63 and its 200-day moving average is $540.63.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a return on equity of 39.98% and a net margin of 24.86%. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the company earned $3.04 earnings per share. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. Sell-side analysts predict that Adobe will post 14.55 EPS for the current year.

Adobe announced that its board has authorized a stock buyback program on Thursday, March 14th that permits the company to buyback $25.00 billion in shares. This buyback authorization permits the software company to repurchase up to 10.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now directly owns 4,128 shares in the company, valued at $1,940,160. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now owns 21,114 shares in the company, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Insiders have sold a total of 3,006 shares of company stock worth $1,424,432 over the last quarter. Company insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC increased its holdings in shares of Adobe by 1.1% during the third quarter. Kestra Advisory Services LLC now owns 26,903 shares of the software company’s stock valued at $13,718,000 after acquiring an additional 284 shares in the last quarter. QRG Capital Management Inc. bought a new stake in Adobe during the 3rd quarter valued at $32,616,000. Envestnet Portfolio Solutions Inc. acquired a new position in Adobe during the third quarter worth $18,420,000. Envestnet Asset Management Inc. lifted its stake in shares of Adobe by 20.7% in the third quarter. Envestnet Asset Management Inc. now owns 1,030,053 shares of the software company’s stock valued at $525,224,000 after buying an additional 176,330 shares in the last quarter. Finally, TRUE Private Wealth Advisors grew its holdings in shares of Adobe by 39.9% during the third quarter. TRUE Private Wealth Advisors now owns 841 shares of the software company’s stock valued at $429,000 after buying an additional 240 shares during the last quarter. 81.79% of the stock is 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.