Adobe (NASDAQ:ADBE) Price Target Cut to $475.00 by Analysts at UBS Group

Adobe (NASDAQ:ADBE) had its price objective cut by UBS Group from $525.00 to $475.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

Other research analysts have also recently issued research reports about the company. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus reduced their price objective on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research report on Thursday, December 12th. StockNews.com upgraded shares of Adobe from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 18th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Finally, Sanford C. Bernstein dropped their price target on Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $582.96.

Adobe Stock Down 2.4 %

Shares of Adobe stock opened at $430.57 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11. Adobe has a 1-year low of $425.32 and a 1-year high of $638.25. The business’s fifty day moving average price is $491.37 and its two-hundred day moving average price is $521.41. The company has a market capitalization of $189.54 billion, a P/E ratio of 34.72, a PEG ratio of 2.51 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating analysts’ consensus estimates of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a net margin of 25.85% and a return on equity of 45.22%. The company’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.52 earnings per share. As a group, research analysts forecast that Adobe will post 16.73 EPS for the current year.

Insider Buying and Selling

In related news, Director Amy Banse sold 606 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at approximately $18,110,950. This trade represents a 1.81 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,293 shares of company stock worth $1,679,809. Insiders own 0.15% of the company’s stock.

Institutional Trading of Adobe

Institutional investors and hedge funds have recently modified their holdings of the company. Legacy Investment Solutions LLC bought a new stake in Adobe during the 3rd quarter valued at approximately $26,000. Piscataqua Savings Bank boosted its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares during the period. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter worth $30,000. True Wealth Design LLC increased its position in Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after acquiring an additional 34 shares during the period. Finally, Briaud Financial Planning Inc acquired a new position in Adobe during the 3rd quarter valued at $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.