Robert W. Baird Lowers Adobe (NASDAQ:ADBE) Price Target to $490.00

Adobe (NASDAQ:ADBE) had its price target dropped by analysts at Robert W. Baird from $500.00 to $490.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the software company’s stock. Robert W. Baird’s price objective suggests a potential upside of 24.13% from the company’s current price.

Several other research firms also recently commented on ADBE. Barclays cut their price objective on Adobe from $675.00 to $645.00 and set an “overweight” rating for the company in a report on Thursday, December 12th. Wells Fargo & Company cut their price target on Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a report on Friday, March 7th. StockNews.com downgraded Adobe from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th. Oppenheimer cut their price target on Adobe from $560.00 to $530.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $475.00 price target (down previously from $600.00) on shares of Adobe in a report on Wednesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $539.46.

Adobe Trading Up 4.5 %

NASDAQ ADBE opened at $394.74 on Thursday. The company has a market cap of $171.87 billion, a PE ratio of 31.83, a PEG ratio of 2.15 and a beta of 1.37. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe has a 12 month low of $374.50 and a 12 month high of $587.75. The stock has a 50 day moving average of $437.03 and a 200-day moving average of $482.65.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, beating the consensus estimate of $4.97 by $0.11. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same quarter in the prior year, the firm posted $4.48 EPS. On average, equities research analysts anticipate that Adobe will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director David A. Ricks purchased 2,250 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were bought at an average price of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the transaction, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction dated Friday, January 24th. The shares were sold at an average price of $437.28, for a total value of $403,172.16. Following the completion of the transaction, the executive vice president now owns 22,153 shares in the company, valued at approximately $9,687,063.84. This represents a 4.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 5,075 shares of company stock worth $2,191,826. Company insiders own 0.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH grew its position in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in Adobe in the third quarter valued at about $26,000. Groupama Asset Managment grew its position in Adobe by 28.8% in the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock valued at $27,000 after acquiring an additional 11,522 shares during the last quarter. SWAN Capital LLC bought a new position in Adobe in the fourth quarter valued at about $28,000. Finally, Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter valued at about $28,000. 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.