Adobe (NASDAQ:ADBE) Given New $490.00 Price Target at Robert W. Baird

Adobe (NASDAQ:ADBE) had its target price reduced by Robert W. Baird from $500.00 to $490.00 in a research note released on Thursday morning,Benzinga reports. They currently have a neutral rating on the software company’s stock.

ADBE has been the subject of a number of other research reports. Mizuho lowered their target price on Adobe from $640.00 to $620.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. BNP Paribas upgraded Adobe from an “underperform” rating to a “neutral” rating and set a $425.00 target price for the company in a report on Wednesday, January 15th. Piper Sandler cut their price target on shares of Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a report on Thursday, December 12th. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Sanford C. Bernstein cut their target price on shares of Adobe from $644.00 to $587.00 and set an “outperform” rating on the stock in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $540.60.

Adobe Trading Up 4.5 %

Shares of ADBE stock opened at $394.74 on Thursday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The business has a 50-day moving average price of $437.03 and a two-hundred day moving average price of $482.06. Adobe has a 12-month low of $374.50 and a 12-month high of $587.75. The firm has a market cap of $171.87 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 2.15 and a beta of 1.37.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm 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 earnings per share. Equities analysts anticipate that Adobe will post 16.65 EPS for the current fiscal year.

Insider Activity

In related news, EVP Scott Belsky sold 3,819 shares of Adobe stock in a transaction on Monday, January 27th. The stock was sold at an average price of $430.24, for a total transaction of $1,643,086.56. Following the transaction, the executive vice president now directly owns 18,334 shares in the company, valued at approximately $7,888,020.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Jillian Forusz sold 334 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $435.83, for a total value of $145,567.22. Following the completion of the transaction, the chief accounting officer now directly owns 2,685 shares in the company, valued at $1,170,203.55. This trade represents a 11.06 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,075 shares of company stock valued at $2,191,826 in the last quarter. 0.16% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Adobe

Several large investors have recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH grew its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Legacy Investment Solutions LLC purchased a new stake in shares of Adobe during the third quarter worth about $26,000. Groupama Asset Managment grew its position in shares of Adobe by 28.8% during the third quarter. Groupama Asset Managment now owns 51,482 shares of the software company’s stock worth $27,000 after purchasing an additional 11,522 shares in the last quarter. SWAN Capital LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $28,000. Finally, Copia Wealth Management purchased a new stake in shares of Adobe during the fourth quarter worth about $28,000. 81.79% of the stock is currently owned by hedge funds and other 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.