Adobe (NASDAQ:ADBE) Price Target Lowered to $525.00 at Robert W. Baird

Adobe (NASDAQ:ADBE) had its price objective reduced by Robert W. Baird from $590.00 to $525.00 in a report issued on Friday morning, Benzinga reports. They currently have a neutral rating on the software company’s stock.

Other equities analysts have also recently issued research reports about the company. Oppenheimer reissued an outperform rating and set a $660.00 target price on shares of Adobe in a report on Friday. Wells Fargo & Company reduced their target price on Adobe from $690.00 to $675.00 and set an overweight rating for the company in a report on Friday. BMO Capital Markets dropped their price target on Adobe from $690.00 to $660.00 and set an overweight rating for the company in a research report on Friday. Bank of America dropped their price target on Adobe from $700.00 to $640.00 and set a buy rating for the company in a research report on Friday. Finally, KGI Securities raised Adobe from a neutral rating to an outperform rating and set a $730.00 target price for the company in a research note on Monday, December 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of Moderate Buy and a consensus target price of $627.00.

Adobe Stock Up 4.3 %

ADBE stock traded up $21.40 on Friday, hitting $513.86. 7,048,998 shares of the company’s stock were exchanged, compared to its average volume of 3,535,195. Adobe has a 12-month low of $331.89 and a 12-month high of $638.25. The firm has a 50 day moving average price of $583.38 and a two-hundred day moving average price of $573.74. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.34 and a current ratio of 1.34. The stock has a market cap of $232.55 billion, a P/E ratio of 49.13, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, March 14th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.38 by $0.10. Adobe had a return on equity of 38.97% and a net margin of 24.08%. The business had revenue of $5.18 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the business earned $2.97 EPS. The company’s quarterly revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts expect that Adobe will post 14.46 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total transaction of $484,950.96. Following the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,495,528.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 32,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $598.28, for a total value of $19,144,960.00. Following the completion of the transaction, the chief executive officer now directly owns 377,928 shares of the company’s stock, valued at $226,106,763.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 788 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $615.42, for a total value of $484,950.96. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,495,528.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,162 shares of company stock worth $26,276,030. Company insiders own 0.15% of the company’s stock.

Hedge Funds Weigh In On Adobe

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $3,277,785,000. Capital Research Global Investors boosted its holdings in shares of Adobe by 4,186.1% in the second quarter. Capital Research Global Investors now owns 3,859,163 shares of the software company’s stock valued at $1,887,092,000 after acquiring an additional 3,769,125 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after acquiring an additional 3,245,427 shares during the period. Concentrum Wealth Management boosted its holdings in shares of Adobe by 17,006.8% in the third quarter. Concentrum Wealth Management now owns 2,161,614 shares of the software company’s stock valued at $1,102,207,000 after acquiring an additional 2,148,978 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. 80.00% of the stock is 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.