Adobe (NASDAQ:ADBE) Price Target Lowered to $410.00 at Robert W. Baird

Adobe (NASDAQ:ADBE) had its price target cut by Robert W. Baird from $490.00 to $410.00 in a research report report published on Wednesday,Benzinga reports. They currently have a neutral rating on the software company’s stock.

Several other research analysts have also recently issued reports on the stock. Mizuho cut their target price on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Sanford C. Bernstein lowered their price objective on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. KeyCorp cut their target price on Adobe from $450.00 to $390.00 and set an “underweight” rating on the stock in a research note on Thursday, March 13th. Finally, StockNews.com lowered Adobe from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $538.80.

Adobe Trading Down 0.9 %

Shares of ADBE opened at $387.89 on Wednesday. The firm has a market cap of $168.89 billion, a price-to-earnings ratio of 31.28, a PEG ratio of 2.15 and a beta of 1.37. The firm has a 50 day moving average price of $435.13 and a 200-day moving average price of $478.38. Adobe has a fifty-two week low of $374.50 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The company had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same quarter in the previous year, the company posted $4.48 EPS. As a group, equities research analysts forecast that Adobe will post 16.65 earnings per share for the current year.

Insider Transactions at Adobe

In other news, Director David A. Ricks purchased 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 purchase, the director now directly owns 4,984 shares in the company, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $435.83, for a total transaction of $145,567.22. Following the sale, the chief accounting officer now owns 2,685 shares of the company’s stock, valued at approximately $1,170,203.55. This represents a 11.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,075 shares of company stock valued at $2,191,826. Insiders own 0.16% of the company’s stock.

Hedge Funds Weigh In On Adobe

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 111 Capital bought a new position in shares of Adobe during the fourth quarter valued at $1,119,000. Wealth Enhancement Advisory Services LLC raised its position in Adobe by 13.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 111,155 shares of the software company’s stock worth $49,429,000 after buying an additional 13,331 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its stake in Adobe by 3.2% during the 4th quarter. NorthCrest Asset Manangement LLC now owns 27,436 shares of the software company’s stock valued at $12,200,000 after acquiring an additional 855 shares during the period. Members Wealth LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $253,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Adobe in the fourth quarter worth approximately $101,828,000. 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.