Adobe (NASDAQ:ADBE) Price Target Lowered to $550.00 at UBS Group

Adobe (NASDAQ:ADBE) had its price target cut by UBS Group from $560.00 to $550.00 in a research report released on Friday, Benzinga reports. They currently have a neutral rating on the software company’s stock.

Other research analysts have also issued reports about the stock. Stifel Nicolaus raised their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a buy rating in a research note on Friday, September 6th. Robert W. Baird lifted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a neutral rating in a research note on Friday, June 14th. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the company an overweight rating in a research report on Friday, June 14th. Melius Research restated a hold rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Finally, JMP Securities restated a market perform rating on shares of Adobe in a research report on Friday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and a consensus price target of $606.58.

Adobe Stock Performance

NASDAQ:ADBE opened at $521.50 on Friday. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50 day simple moving average of $552.68 and a two-hundred day simple moving average of $519.46. The company has a market capitalization of $231.23 billion, a PE ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted $3.26 earnings per share. Research analysts anticipate that Adobe will post 14.69 earnings per share for the current year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is owned by corporate insiders.

Institutional Trading of Adobe

A number of hedge funds have recently bought and sold shares of the company. Sound View Wealth Advisors Group LLC increased its position in shares of Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after purchasing an additional 17 shares during the last quarter. Onyx Bridge Wealth Group LLC increased its holdings in Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank raised its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the period. Commonwealth Financial Services LLC boosted its stake in shares of Adobe by 3.7% during the 2nd 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 last quarter. Finally, Visionary Wealth Advisors grew its position in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Company Profile

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.