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

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

A number of other brokerages have also commented on ADBE. Evercore ISI restated an outperform rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Piper Sandler restated an overweight rating and set a $635.00 price target on shares of Adobe in a report on Friday. BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an outperform rating in a research note on Friday, June 14th. Piper Sandler Companies reissued an overweight rating and set a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, Melius Research restated a hold rating and set a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $606.58.

Adobe Stock Down 8.5 %

ADBE stock opened at $536.87 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe has a 52-week low of $433.97 and a 52-week high of $638.25. The company’s 50 day simple moving average is $553.76 and its 200-day simple moving average is $519.73.

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

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,259 shares of company stock worth $14,855,543. Company insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tradewinds Capital Management LLC boosted its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe during the second quarter valued at approximately $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors.

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.