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

Adobe (NASDAQ:ADBE) had its target price trimmed by UBS Group from $475.00 to $460.00 in a research report released on Thursday morning,Benzinga reports. The brokerage currently has a neutral rating on the software company’s stock.

A number of other equities analysts also recently issued reports on ADBE. StockNews.com downgraded shares of Adobe from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, March 4th. BMO Capital Markets decreased their target price on shares of Adobe from $515.00 to $495.00 and set an “outperform” rating for the company in a research note on Thursday. Citigroup decreased their target price on shares of Adobe from $551.00 to $490.00 and set a “neutral” rating for the company in a research note on Monday. Mizuho decreased their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, Wells Fargo & Company decreased their target price on shares of Adobe from $640.00 to $600.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $539.46.

Adobe Price Performance

ADBE stock opened at $377.84 on Thursday. Adobe has a 1 year low of $374.50 and a 1 year high of $587.75. The company has a market cap of $164.51 billion, a P/E ratio of 30.47, a PEG ratio of 2.15 and a beta of 1.37. The firm has a 50-day moving average of $437.74 and a 200 day moving average of $483.80. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. On average, sell-side analysts forecast that Adobe will post 16.65 EPS for the current year.

Insider Buying and Selling

In related news, Director David A. Ricks bought 2,250 shares of the company’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 acquisition, the director now owns 4,984 shares of the company’s stock, valued at $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Scott Belsky sold 922 shares of Adobe stock in a transaction on Friday, January 24th. The stock was sold at an average price of $437.28, for a total transaction of $403,172.16. Following the transaction, the executive vice president now owns 22,153 shares in the company, valued at $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. 0.15% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ADBE. PKO Investment Management Joint Stock Co bought a new stake in shares of Adobe during the 4th quarter valued at $7,115,000. Northstar Financial Companies Inc. bought a new stake in shares of Adobe during the 4th quarter valued at $241,000. Centaurus Financial Inc. raised its position in shares of Adobe by 34.8% during the 4th quarter. Centaurus Financial Inc. now owns 3,613 shares of the software company’s stock valued at $1,606,000 after purchasing an additional 932 shares during the period. Lighthouse Financial LLC bought a new stake in shares of Adobe during the 4th quarter valued at $218,000. Finally, Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter valued at $28,000. Hedge funds and other 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.