UBS Group Cuts Adobe (NASDAQ:ADBE) Price Target to $460.00

Adobe (NASDAQ:ADBE) had its price objective dropped by equities researchers at UBS Group from $475.00 to $460.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the software company’s stock. UBS Group’s price objective indicates a potential upside of 18.90% from the company’s previous close.

Other analysts also recently issued research reports about the stock. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. DA Davidson decreased their price objective on shares of Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a report on Thursday, December 12th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $475.00 target price (down previously from $600.00) on shares of Adobe in a research report on Wednesday, January 8th. BNP Paribas raised shares of Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 price target on the stock in a research report on Wednesday, January 15th. Finally, Robert W. Baird lowered their price objective on Adobe from $500.00 to $490.00 and set a “neutral” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $550.81.

Adobe Stock Down 11.8 %

Adobe stock traded down $51.73 during midday trading on Thursday, hitting $386.87. 5,209,198 shares of the stock were exchanged, compared to its average volume of 3,471,936. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a 50 day moving average price of $439.01 and a two-hundred day moving average price of $484.54. The firm has a market cap of $168.45 billion, a P/E ratio of 31.23, a P/E/G ratio of 2.15 and a beta of 1.37. Adobe has a 1 year low of $387.12 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to analysts’ expectations 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 previous year, the firm posted $4.48 earnings per share. On average, sell-side analysts predict that Adobe will post 16.65 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, Director David A. Ricks purchased 2,250 shares of Adobe stock in a transaction dated Tuesday, January 28th. The stock was bought at an average cost of $443.98 per share, with a total value of $998,955.00. Following the purchase, the director now owns 4,984 shares in the company, valued at approximately $2,212,796.32. The trade was a 82.30 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Jillian Forusz sold 334 shares of the stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the completion of the transaction, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,075 shares of company stock valued at $2,191,826. 0.15% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Adobe

A number of institutional investors have recently added to or reduced their stakes in the company. Legacy Investment Solutions LLC acquired a new stake in shares of Adobe in the third quarter valued at $26,000. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth about $30,000. True Wealth Design LLC lifted its holdings in Adobe by 141.7% in the 3rd quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock valued at $30,000 after acquiring an additional 34 shares during the last quarter. Copia Wealth Management bought a new position in shares of Adobe during the 4th quarter valued at about $28,000. Finally, SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter worth approximately $28,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

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.